Full text of Commercial and Financial Chronicle : July 30, 1921, Vol. 113, No. 2927

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IN C L U D IN G

Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers* Convention Section

State and City Section

J

S A T U R D A Y , J U L Y 3 0 , 1921

V O L . 113

2Pxje QPtiromcle

Week ending July 23.
Ciearlnos at—

PU BLISH ED W E E K LY

1921.

Terms of Subscription— Payable in Advance
For One Year_____________________________
$10 00
For Six Months__________________________________________________ 6 00
European Subscription (including postage)------------------------------------ 13 50
European Subscription six months (including postage)............
7 75
Canadian Subscription (including postage)________________________ 11 50
N OTIC E.— On account of the fluctuations in the rates o f exchange,
remittances for European subscriptions and advertisements must be made
In New York funds.

Subscription includes following Supplements

—

-

R a i l w a y & I n d u s t r i a l (sem i-annually)
E l e c t r i c R a i l w a y (sem i-annually)
B a n k e r s ’ C o n v e n t i o n ( y e a r ly )

B ank and Q uotation (monthly)
R ailw ay E arnings (monthly)
S t a t e a n d C i t y ( se mi - an nu al l y )

Terms of Advertising
T ransien t displa y m a tter per agate lin e ____________________________ 45 cents
C on tract and C ard r a te s _________________________________________ On requ est
C h i c a g o O f f i c e — 19 Sou th La Salle Street, T elep h on e S tate 5594.
L o n d o n O f f i c e — E d w a rd s & S m ith , 1 D ra p e rs’ G arden s. E . C .

WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and

D ?peyster Streets, N ew Y ork .

Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y . Presi
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D . Riggs; Secretary, Herbert. D . Seibert. Address of all, Office of the Company.

CLEARING HOUSE RETURNS.
The following table, made up by telegraph. & c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-dav
have been .c 6,131,319,242, against. $6,306,570,542 last week and §7.790,931,843
the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending July 30.

1921.

New Y o r k ..
Chicago. . . . . . .
_
____
Philadelphia._ .
. . .
Boston. ______
_ _ __ _ _ _ _
Kansas C ity.
__
__
St. Louis.
.
_ __ __
San Francisco______
_____
_ _
Pittsburgh_____
__
_
__ __
D e tro it_________
_
__
Baltimore . _
____
_
New Orleans. _
_____

$2,682,900 000
3SS,857,351
305,000,000
195,397.870
125.892,036
90,200,000
93,300,000
*118,000,000
74,986,957
53,373,405
34,922,414

— 20.3
83 365,293,035
503,518,208 - — 22.8
389,315,093
— 21.7
— 26.5
265,952,099
196,526,745
— 35.9
125,466,581
— 28.1
— 24.7
123,900,000
— 17.4
142,834,383
110,000.000
— 31.8
78,528,048
— 32.0
58,143,566
— 39.9

Eleven cities, five days______________
Other cities, five days______
______

$4,162,830,053
892,974,912

$5,359,477,761
1,100,247,618

— 22.3
— 18.8

Total all cities, five days__________
$5,055,804,975
All cities, one d a y .. _____________ _ _
1,075,514,267

$6,459,725,379
1,331,206,464

— 21.7
— 19.2

Per
Cent.

1920.

Total all cities for week_____________ $6,131,319,242
$7,790,931,843
— 21.3
* Estimated.
The full details of the week covered by the above will be given next Saturday.
W e cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending July 23 follow:
Week ending July 23.
Clearings ai—
1921.

1920.

Inc. or
Dec.

1919.

1918.

$
$
New Y ork ______ 3,345,548,699 4,187,233,562
Philadelphia____ 377.000,000 488,705,923
Pittsburgh______ *159,600,000 193,205,230
Baltimore______
68,167,701
97,628,992
35,857,359
50,947,912
Buffalo __ . . .
15,752,904
W ashington .. _
15,574,890
3,602,986
A lb a n y __________
4,793,353
10,993,095
Rochester _____
6,897,527
4,404,695
5,368,884
Scranton. ______
3,389,718
Syracuse________
4,655,528
2,400,000
R eading________
2,666,829
2,447,872
Wilmington . . _
3,159,672
3,748,864
W heeling_______
6,038,648
3,797,451
W ilkes-Barre..
3,130,442
3.633.359
T re n to n ___
4,327,658
York _ _______
1,241,063
1,351,926
1,936,559
Erie________ __
2,476,300
2,096,002
Lancaster_____
2,682,084
Chester___
800,000
1,366,266
Oreensburg
1,500,000
1,909,057
895,712
Binghamton.
1,187,100
Altoona
995,676
1,286,403
352,073
M ontclair______
389,808
Bethlehem ____
2,508,782
3,516,062
Huntington
1,499,325
1,876,544
Harrisburg _ _
3.493,916
3,700,000
Total Middle
4,052,5-38,24 , 5,100,172,168

$
S
%
— 20.1 4,879,336.300 3,288,305,449
— 22.9 409.237,156 390,777,515
— 17.4
143,670,180
137,659,231
— 30.2
64,274,039
91,742,938
33,375,422
— 29.8
21,155,728
13,856,193
12,566,032
+ 1.1
— 24.8
5,139,828
5,100,000
6,904,018
— 37.3
8,323,238
— 18.0
4,682,962
3,400,000
— 27.2
3,541,818
4,117,700
2,143,389
— 10.0
2,951,601
3,564,206
— 22.5
3,500,000
4.602,718
— 37.9
4,729,718
2,456,093
2,609,578
— 10.6
2,826,897
2,619.755
- 1 6 .0
1,214,598
— 8.1
1,299,511
2,179,736
— 21.8
1,978,523
2,075,620
— 21.8
2,070.790
— 11.4
1,828,245
1,258,754
1,196,343
— 21 .4
1,025,000
— 24.6
742,800
941,000
890,336
— 22.6
740,800
349,806
316,235
— 9.7
— 28.7
— 20.1
— 5.6
_______
_______
— 20.5 5,618,078,710 3,960,534,089

Boston __________
Providence
Hartford
New Haven
Springfield
Portland
W orcester
Fall River
New Bedford
Lowed
Holyoke
Bangor
Stamford
I>yn n
Total / -'ev/ Eng

— 23.4
— 22.2
— J1.8
14.8
27.1
— 9.1
31.0
-1 7 .1
— 7.2
-24.8
— 17.0
+ 8.4
iri total
in total
22.3

;oh

276,843,370 361,486,508
9,820,600
12,363.000
8,267,086
9.371,162
5,393,04 1
6,332,550
3,703,779
5,082,581
2,090,009
2,200.000
3,354,761
4.858,525
1,546,909
1,866,159
1,542,287
1,662,515
1,001.243
1,332,770
700,000
850,000
840,646
775,000
2,323,J97 Not included
1,298.4 13 Not included
317,013,722 408, J80,770

Canadian bank clearings on page 502.

N O . 2927

337,352,774
10,264,500
9,719,613
5,784,800
3,999,297
2,000,000
3,258,729
2.248,093
1,855,299
942,067
771,752
693,205

277,608,764
10.105,200
6,549,525
5,272,009
3,595,997
2,186,289
3,625,323
2,379,158
1,663,811
1,000,000
683,196
712,536

378,890,129

315,381,808

1920.

Inc. or
Dec.

1919.

1918.

S
$
479,720,143 666,393,734
50,368,407
73,606,223
143,002,088
84,350,717
102,068,298
122,335,440
27,813,196
33,569,207
15,500,000
18,163,000
13,564,800
14,260,800
12,523,207
15,912,901
3,409,380"
5,163,911
5,673,293
6,169,793
4,058,918
4,761,938
4,000,000
5,215,730
6,000,000
11,258,000
4,991,694
3,403,603
5,455,846
3,528,582
2,530,928
3,130,692
1,538,444
1,987,557
1,700,000
2,000,000
750,000
825,000
1,100,000
1,155,000
2,363,633
1,959,168
1,118,068
1,653,585
1,596,947
1,188,620
1,295,644
1,928,946
753,374
752,956
324,763
472,035
800,000
813,371
1,635,807
1,500,000
1,173,227
1,365,459
320,506
546,693
550,146
493,857
175,000
249,109
811,764,897 1,152,856*487

%
— 28.0
— 23.4
A 1.0
16.1
- 17.2
14.6
— 4.9
— 21.3
— 34.0
— 8.0
— 14.8
— 23.3
— 46.7
— 31.8
— 12.9
— 19.2
— 22.6
— 15.0
— 9.1
— 4.8
+ 20.6
— 32.4
— 25.6
— 32.8
+ 0.06
— 31.4
— 1.6
— 8.3
— 14.1
— 41.4
+ 11.4
— 29.7
— 27.0

8
588,328,576
60,951,431
105,615,615
102,584,971.
25,020,466
18,065,000
14,552,200
14,249,780
4,927,300
5,765,352
4,966,175
5,344,811
10,296,000
5,466,802
3,453,130
2,786,867
1,688,348
1,800.000
805,000
1,050,000
1,698,493
1,459,603
1,394,320
1,397,284
750,662
528,320
1,213,100
1,367,800
1.398,634
978,756
384,965
111,593
990,351,354

8
491,341,796
63,870,919
92,786,359
57,459,331
25,786,631
18,665,000
12,503,100
11,582,129
4,564,063
4,805,390
4,997,305
3,607,185
6,725,000
4,6.07,937
2,500,000
2,921,549
1,204,079
1,780,065
700,000
1,176,482
1,220,409
1,008,365
1,343,189
1,136,786
475,000
169,912
914,192
1,013,950
1,046,038
771,629
284,462
97,243
823,665,495

San Francisco—
Los Angeles. _ _
Seattle _
. . .
Portland
Salt Lake C i t y ...
Spokane _
____
. Tacoma _ ____
Oakland ______
Sacramento------San Diego
__
Pasadena _ _ _
Stockton _
Fresno .
San Jose.
Yakima __
Reno _
_ _
Long Beach __
Santa Barbara—
Total P a cific..

124,300,000
76,253,000
27,000,036
25,086,197
11,697,828
9,500,000
2,936,826
9,273,195
5,155,016
2,297,030
2,892,186
4,156,600
3,195,395
1,466,219
973,693
705,239
3,284,674
693,717
310,864,851

155,200,000
74,562,000
38,936,408
34,893,210
13,206,025
11,902,208
4,881,675
10,459,405
5,962,530
2,561,420
1.957,506
6,559,100
3,997,865
1.902,913
1,397,502
900,000
2,464,370
787,555
372,531,692

— 19.9
+ 2.3
— 30.7
— 28.1
— 11.4
— 20.2
— 39.9
— 11.2
— 13.5
— 10.3
+ 47.8
— 36.6
— 20.1
— 22.9
— 30.3
— 21.7
+ 33.3
— 11.9
— 16.6

147,099,903
50,195,000
39,106,431
26,252,377
13,252,456
8,767,033
5,242,971
9,008,322
4,637,611
2,100,000
1.362,614
2,188,553
3,234,145
1,379,227
974,941
678,603
1,446,021
_
316,926,203

108,474,640
30,105,000
38,541,293
23,894,541
11,350,000
7,340,599
4,115,217
6,362,448
4,088,045
1.899,612
804,929
1,777,276
2,185,927
975,000
503,929
575,000
1,170,065
244,163,521

Kansas C ity. _ _
Minneapolis _ _ _
O m a h a __
St. Paul________
Denver _ _
St. Joseph______
Des M oines_____
W ic h ita ________
Duluth
_ . . .
Sioux C it y .. __
Lincoln __
Topeka
Cedar R a p id s__
Waterloo __
H elena_________
F a rg o ______
Colorado Springs
Pueblo _ _ _ _ _
Fremont
A berdeen_____
Hastings. _ ___
Billings_________
Total oth. West

154,236,309
58,652,148
38,454,855
32,711,318
15,065,372
11,044,419
7,846,512
13,204,498
6,124,128
5,034,048
2,934,820
3,176,532
1,789,738
1,201,241
3,120,734
1,960,194
951,152
760,692
477,762
900,000
761,604
559,243
360,907,419

249.916,654
80,046,202
52,464.996
40,672,000
19,773,671
14,712,734
9,630,944
15,735,351
8,848,080
8,190,673
4,600,785
3,318,767
2,229,728
2,130,102
1,480,386
2,743,452
1,150,346
1.052,556
609,563
836,146
715,912
1,189,502
522,048,550

— 38.3
— 26.7
— 26.7
— 19.6
— 23.8
— 24.9
— 18.5
— 16.1
— 30.8
— 38.5
— 36.2
— 4.2
— 19.7
— 43.6
+ 110.8
— 28.5
— 17.3
— 27.7
— 21.7
+ 7.7
— 6.4
— 53.0
— 30.9

225,504,284
39,210,857
57,690,249
19,520,950
21,951,061
16,239,243
10,142,111
14,295,432
6,884,145
9,957,675
5,038,350
3,584,618
2,379,790
1,891,453
1.890,858
2,783,111
1,062,547
558,508
789,689
1.781,557
593,743
1,108,118
444,85.8,349

201,743,220
23,803,796
52,606,339
14,750,645
21,558,857
16,569,712
8,683,484
9,966,479
4,755,447
7,832,235
3,759,592
2.700,000
1,761,380
1,570,637
1,664,857
1,700,000
709,868
570,586
682,744
1,231,102
650,684
989,391
380,342,406

C h ica g o ______ _
Cincinnati .... ......
Cleveland
___
D etroit.................
Milwaukee ____
Indianapolis------( Jolumbu 3
T o le d o _________
Peoria _ _ ______
Grand Rapids. _
Evansville______
D ayton ------- . . .
Akron-..
_____
Y ou n gstow n -----Canton . _ ------- _ _
Springfield, 111- .._
Fort W ayne-----Rockford
- L ex in g to n ___
South Bend------Springfield, OhioBloom ington____
Quincy _ _ __
Mansfield------- _
Danville _______
Owensboro _ _
Lim a. _________
L an sin g_____
Decatur _ _
Jacksonville, 111_ _
Ann Arbor. __ _
Adrian
_ _ .
T ot. M id. West

152,093,526
111,600,000 158,264,124 — 29.5 151,622,781
St. L ou is_______
58,073,124 — 34.1
39,976,844
38,281,042
55,041,053
New Orleans
20,967,415
28,221,974 — 21.6
16,188,073
Louisville_____
22,134,630
10,703,696
20,751,453
26,182,675 — 20.7
18,000,000
Houston _
_ .
36,165,077
53,439,959
37,585,007
54,023,746 — 30.4
Atlanta.
44,237,507
54,196,474
Richmond _ _ _
35,044,840
56,354,758 — 37.8
3,205,118
+ 7.6
5,074,000
4,717,228
8,158,248
Galveston_______
8,434,657
16,656,734
16,837,764 — 29.4
Memphis . 11,891,160
11,835,063
19,970,694 — 41.8
11,622,339
18,412,491
Fort Worth . _
14,475,025
14,777,321
Nashville . . . . .
15,988,775
20,799,355 — 23.1
51 .0
7,656,816
7,923,870
4,971,600
3,748,231
Savannah.......
7,438,517
9,187,849
6,424,197
11,833,681 —45.7
Norfolk______
3,609,245
12,317,979
17,421,222 -1 4 .5
Birmingham . _
14,890,835
4,014,145
8,046,441
9,675,239 — 16.8
7,604,487
Little R ock .
1,200,000
6,000,000 — 33.3
1,260,000
Macon _
_____
4,000*000
3,859,037
7,703,620
11,162,087 — 27.7
8,075,865
Jacksonville.
13,679,105
8,937,383
12,268,493 + 89.6
23,257,262
Oklahoma __ __
4,971,795
6,291,681
7,789,857 — 29.1
Chattanooga
■ 5,523,850
2,013,753
2,495,112
2,759,294
3,160,091 — 12.4
Knoxville ___
2,700,000
47.2
3,000,000
1,900,000
3,600,000
Charleston
3,254,503
3,009,548
1,686,973
3,330,683 — 49.4
Augusta______ _ _
1,291,354
1.865,075
1,370,119
Mobile . . .
2,428,981 — 43.6
1,232,146
— 7.7
1,500,000
Austin
1,300,000
1,200,000
8,781,174
10,782,468
13,248,536 — 56.9
5,7 1 1,000
Tulsa
2,562,805
3,234,406
4,448,648 —41.1
M uskogee.. ___
2,620,620
460,911
423,395
—2.4
500,000
512,508
Jackson
240,046
241,594
216,224
309,488 — 30.1
Vicksburg__
25,569,829
13,000,000
26,033,316 — 30.3
18,140,856
Dallas.
I ,656,996
2,825,613
12.7
3,833,713
3,346,397
Shreveport
Total Southern & 423,391,410 589,458,701 — 28.2 527,411,365 418,509,338
Total all______ 6,306,570,512 8,145.248,388 — 22.6 8,276,516,215 6,142,106,367
Outside N . Y . _ 2,901,021,843 3,958,014,806 — 25.2 3,397,170,915 2,855,889,908

448

THE CHRONICLE

[V ol. 113.

average price cut being about 17%%. The terms
in which this notice is placed strike us as especially
Except in a few notable instances in which in pointed and sensible. “ People are waiting for some
dustrial workers have seen and conformed to the incentive to buy,” says this practical concern, and
signs of the times by voluntarily taking the initia “ we believe the way to increase business is to over
tive towards a downward revision of their wages as come the feeling in the minds of the public that
expressed in the number of dollars, the inevitable there is something to wait for.” Better to have the
coming together of capital and labor to a common awaited thing happen and be done with it, the com
pany thought, for the notice proceeds: “Prices had
ground and a peaceful modus vivendi has been be
to come down. Either they would come down in
gun or helped along by the employing rather than
several steps, a few cents on the dollar each time,
the other end of the line. The steps taken by large each reduction bringing its temporary disorganiza
employers towards deflation are not lacking in rea tion and uncertainty, or we would do the courageous
sonableness, frankness, or sincerity. When the tiling and at one time make a reduction that would
head of the American Woolen Company, some help stabilize the saw and tool business.”
Now there is in all these announcements and
months ago, displeased labor by shut-downs for the
time being (and did not please the men by declar movements a wholesome lesson for labor unionists
ing that “ labor liquidation” is just as inevitable as who kick and squeal in futile though hurtful re
any other part of the process of getting back to sistance to a deflation which is their friend, not
solid ground) he was unanswerably sound and un their enemy. Whoever struggles against condi
deniably frank; “ the jobber has halted buying,” tions which he neither made nor has power to alter
said lie, “ for he is waiting on the retailer, who in only hurts himself; by accepting them and working
turn is waiting on the consumer,” so there was noth along with them they will accompany him and help
ing for it but to obey the mandate, since a slowing him to desirable results, but if he butts his head
at one end of a procession necessarily slows the upon them they react with deadly power. The fair
est, most reasonable, and most liberal employers in
whole line.
In announcements of price reductions there is a the country are (or, at least, are among) the largest
like frankness. The executives of the largest rail corporations, for their managers have the breadth
way systems, unable to make rate reductions de to see both sides and to square their conduct with
sired, since that would involve a clinch with the long time ahead, and not merely with the situation
arithmetic, have proved their sincerity and consis of the immediate present. The United States Steel
tency by taking their share of the wage cuts which Corporation (especially obnoxious to Mr. Gompers,
necessity has made them hand out to the employees, as may be always significantly noted) has been pay
and other corporations that are able to announce ing somewhat higher basis wages than in many
price cuts leave no room for misunderstanding of other lines of industry, says Judge Gary; “ we think
the reasons. Thus, Bethlehem Steel, in announcing reductions in those should follow rather than lead
a further cut on certain structural shapes and selling prices, particularly those involving the costs
plates, early in July, said that while present pro of living, which in some respects are still unreason
ducing costs do not in any sense warrant such re able, but those are being surely if slowly forced
ductions, the company wishes to contribute even down to a fair basis by the withholding of purchases
more than its full share to re-establish normal con on the part of consumers.”
The railway brotherhoods, especially, might find
ditions in the steel industry. The United States
Steel Corporation closely followed this by an something worth thinking over in the statement of
nouncing a recommendation to subsidiary companies President Grace of Bethlehem Steel, that “ the in
of a reduction on tubes, pipe and nails, and the com crease in freight rates has been the largest factor
parative figures submitted this week by that cor in increasing the cost of manufacturing steel prod
poration show that most reductions are more or ucts, because making a ton of finished steel involves
less heroic remedies and are justified and justifi the transportation of more than five tons of raw ma
able only as sacrifices sternly made with intent to terials” ; thus increase in carrying costs, largely
push on the deflation process. Many concerns, says compelled by wage increases, runs along through
Judge Gary, have been operating at a loss, which steel products, and from those runs along through
“is about as unconscionable as insisting upon un the living costs which are made the perpetual ex
conscionable profits— it cannot long be continued.” cuse for resisting the wage cuts that must be the
Yet he views the future with well-grounded hope, most effective agent in pulling those costs down.
All abnormal and disturbed industrial and price
almost with a certainty (it might be said) based
on all past experience and all known laws. After conditions, the whole world over, indicate the same
the orgy of over charging, over-spending, and waste lesson: that men must control their selfish emotions,
during the war, the reaction has begun. Legisla cool the red out of their eyes, bend towards increas
tion must gradually change towards aiding rather ing production and abundance, and get and stay to
than obstructing legitimate progress; taxation must gether, instead of quarreling and wasting. It needs
be lightened, and the disposition to economize and good plain sense, some self-restraint, some self-sacri
save must increase. “ Industry is headed in the fice which is more apparent than real, and consider
right direction and at some date in the future there able patience, all these combining in readiness and
awaits the biggest business this country has ever determination to do what the Disston concern aptly
witnessed; the fundamental facts for this conclu calls “ the courageous thing.” Courage is always
sion are assured, and there are many reasons for and everywhere safer than cowardice. We profess
to believe this as to the field of battle ; cannot we
believing our conditions are improving.”
The reduction announcement by the corporation Americans move rapidly towards believing it as to
of Disston & Sons, makers of saws, tools, and many all affairs of life? Suppose we all resolve to try.
other steel products, appeared this week, the
THE FINANCIAL SITUATION.

J uly

30 1921.]

THE GHltONICLE

Eamonn de Valera and the members of Ids party
arrived at the Mansion House in Dublin from Lon
don last Friday afternoon. The Irish leader and
his associates received an “enthusiastic greeting.”
De Valera made a brief address, in which he “ de
clared that if the people acted in the future as they
had during the last two years they would not need
to talk about freedom. They would have it.” Ac
cording to the Associated Press account of the
affair, “no allusion was made by Mr. De Valera to
the London negotiations, and no communication
was given to the press which might throw light
on the situation.” When De Valera left London it
was understood that before he met the Dail Eireann
lie would hold conferences with General Jan 0.
Smuts and Sir James Craig. The hope was ex
pressed that “ these meetings will clear away some
of the minor points of the controversy and pave the
wray for a tripartite peacp parley.” A week ago this
afternoon the assertion was made in an Associated
Press dispatch from London that “ the terms of the
Irish peace offer are still being held in- the strictest
confidence.” The statement was said to have been
made on “ high authority,” however, that the “ out
standing feature of the Government’s Irish pro
posals to Eamonn de Valera is a concession of fis
cal autonomy.” It was added that “ the position of
Ulster is amply secured.”
The Irish Republican
leader was quoted in a Dublin dispatch last Satur
day morning as having declared that “ no communi
cation with regard to the political situation would
be made for the present.” The prevailing belief
there was that “ nothing will occur during the week
end to alter the situation.” Discussing the Irish
situation, the London correspondent of the New
York “ Times,” in a dispatch Monday morning, said
that “the truce between England and Ireland, which
has lasted for a fortnight, is unbroken, and every
day gained is regarded as favorable to a peace set
tlement. There is no sign from Dublin of approval
or disapproval of the Government’s proposals, but
the fact that they have not been rejected outright
is considered good ground for hope.” From Belfast
came a message the same day, in which it was said
that “ the belief appears general in Belfast that Ea
monn de Valera, the Irish Republican leader, will
not accept the terms of the British Government for
a settlement of the Irish question, which fall far
short of the Republican ideal.”
At the Mansion House in Dublin on Monday the
proposals made by Premier Lloyd George last week
were taken up by De Valera and his Cabinet. It
had been expected that the Prime Minister would
make an announcement in the House of Commons
Monday relative to the peace terms. In reply to
questions he said that he hoped to be able to make a
statement soon. He added that “ I shall make an
announcement as soon as it is possible to make it
without endangering the successful issue of the ne
gotiations, but I warn the members they must not
accept accounts in the public press as to the terms,
because all those I have seen are inaccurate.” The
“ Irish Bulletin,” the official organ of the Dail Eiraenn, published a statement in reply to comments
in the British press on the Irish peace terms, in
which it declared that “ Ireland has its views and
will accept nothing which is the negative of the right
of self-determination.”
In the House of Commons on Tuesday, Austen
Chamberlain, the Government leader, said that “ be

440

hoped Parliament would be prorogued on Aug. 20,
but he foreshadowed the possibility of its being sum
moned again in November or December to pass legis
lation necessary to give effect to an Irish settle
ment.” lie added, however, that “ as far as the Gov
ernment could see, in that happy contingency, how
ever, the agreement could not have reached the point
where it could be embodied in legislation to be sub
mitted to the House at an early date.” Explaining
the situation in greater detail, he said that “at pres
ent only the outlines and principles of a settlement
had been propounded, to which no answer had yet
been received. If they were accepted, he said, they
might become the basis of a conference. Besides,
many matters of detail.remained for discussion and
adjustment.” Mr. Chamberlain continued by say
ing that “ when all was concluded time must be given
for embodying the result in a satisfactory statutory
form. Accordingly the Government did not antici
pate that in the most hopeful contingency— an
agreement being reached—an early session of Par
liament would be required, or indeed, possible. In
such case, however,” Mr. Chamberlain said, “the
Government had in mind the possibility of summon
ing a new session to begin early in December or the
last week in November.”
In an Associated Press dispatch from London
late Tuesday evening it was said that “ no reply has
yet been received by Mr. Lloyd George from Mr.
De Valera concerning the Irish peace terms, and,
according to unofficial information reaching here
from Dublin, where the South Irish leaders are in
conference, rumors are current there that what is
called the ‘Rock of Ulster’ is the great obstacle
which must be taken into consideration.” This dis
patch was followed by one from Dublin the next eve
ning which said that “ Eamonn de Valera and his
colleagues have not yet found a basis for the pro
posed conference with the British Government on
the Irish question in London, but are continuing to
search for a common ground on which the contend
ing parties can meet.” It was announced at the
Mansion House that the Sinn Fein Cabinet still was
considering the Government’s offer, and, as a con
sequence, no statement would yet be authorized.
On Wednesday all the available members of the
Irish Republican Cabinet came together in Dublin
and “gave further prolonged discussion to the Brit
ish Government’s proposals relative to an Irish set
tlement, but apparently reached no decision,” ac
cording to the Associated Press correspondent in
London. A report was in circulation there that De
Valera had sent a communication to Premier Lloyd
George, “probably seeking further elucidation on
some doubtful points in the proposals.” Special sig
nificance was attached to the “ postponement by Gen.
Jan C. Smuts of his departure for South Africa
until Aug. 5, which was taken to imply the belief
that his services as mediator may again be needed.”
The Dublin correspondent of the New York “Times”
cabled yesterday morning that an official state
ment from Dp Valera was expected soon, as “it is
pretty certain De Valera and his Cabinet, who have
been sitting every day, have arrived at a unanimous
decision on the matters under discussion.” Accord
ing to the London “ Times,” a message had been re
ceived by Premier Lloyd George, but the paper said
that while “ the contents were not divulged, it was
noticeable in Government quarters that there was
no abatement in the hopefulness lately apparent

450

THE CHRONICLE

there.” The Associated Press sent out the follow
ing cheerful message from Dublin Thursday eve
ning : “ An air of unusual optimism prevailed in
Dublin to-day. Earnoun de Valera, the Republican
leader, had an informal meeting with some of his
colleagues, after which it was confidently stated
that a communication from Mr. De Valera to Pre
mier Lloyd George might be expected soon upon the
proposed basis of a conference. It was also declared
that another meeting between Mr. De Valera and
Sir James Craig, the Ulster Premier, was imminent.
It was somewhat difficult to arrange for this pro
posed meeting, but, according to the informant,
‘they have got over the fence.’ ”

[V ol. 113.

made later in London that Aug. 4 had been named
as the date for the meeting. It was said that Lord
Curzon, Secretary of State for Foreign Affairs, and
A. J. Balfour, Lord President of the Council, would
represent Great Britain.
The personnel of the
French delegation was not known in London at
that time and has not been made public since.
A special Paris correspondent of the New York
“ Times,” in a dispatch Wednesday morning, said
that “ Premier Briand has yielded to the English
insistence that the meeting of the Supreme Council
be held Aug. 4, despite the fact that England has
not approved the French proposal to send reinforce
ments into Upper Silesia.” He added that “ true,
the French have received a minor concession in that
the meeting of the experts on the Silesian question,
which will be opened on Thursday in Paris, will
precede that of the Supreme Council.” Commenting
upon the understanding that Ambassador Harvey
would attend the meeting of the Supreme Council,
this same correspondent said: “ The presence of
Ambassador Harvey at the meeting of the Allied
chiefs can hardly fail to strengthen the Italo-British
contention that the northwestern industrial dis
tricts of Upper Silesia shall be given to Germany,
the Pless and Rybnik area in the south to Poland,
and the intermediate zone placed under the control
of the High Commission, backed by Allied troops.”
The London correspondent of the New York
“ Herald” cabied Wednesday morning that “ the
Foreign Office regards the Silesian difference with
France as settled if France does not send troops to
Silesia before the meeting of the Supreme Council
on Aug. 4. Concessions have been made by both
sides, and the greatest confidence was expressed to
night that an agreement would be reached soon.”
The next morning the Associated Press representa
tive in the British capital cabled that “ the French
Government takes the view that it is impossible to
decide on the holding of a meeting of the Allied Su
preme Council until the question of sending rein
forcements into Upper Silesia has been decided.”
The New York “ Times” correspondent, in a dispatch
yesterday morning, said that “ the French Govern
ment has addressed to London a note in which the
British position is described as an ‘unfriendly atti
tude’ and a reply has been drafted in which it is
stated that persistence in the French policy may
provoke a rupture of the entent between the two
countries which contributed to the Allied victory
in the war.” The New York “ Tribune” correspond
ent in the French capital sent quite a different dis
patch. He said in part: “ The tension over the Up
per Silesian question is expected to disappear to
morrow with the receipt of the British note that
was dispatched from London to-night. This com
munication, it is understood, pleads for Allied unity,
and in view of Premier Briand’s decision that it
would be against French interests to break now
with London, the whole matter may be ironed out
at to morrow’s meeting of the French Premier’s Cab
inet.” Definite word came from both London and
Paris last evening that Great Britain had made re
ply to the latest French note. The Associated Press
correspondent in the former city said that “ officials
describe the note as of a friendly character.”

The necessity of bringing about a settlement of
the Upper Silesian situation has been realized from
the start. One of the chief obstacles has been the
difference of opinion between the British and
French Governments as to how it should be done.
At the beginning of this week the French were still
insisting that the British send troops into that dis
trict, as they, the French, were willing and ready to
do. This was said to have been the firm belief of
Premier Briand. The British maintained their con
tention that such action was not necessary. The
French were eager also to have the British authori
ties consent to “ a meeting of experts to consider the
Upper Silesian situation before the assembling of
the Supreme Council.” The understanding in Paris
was that the British believed that “ a meeting of the
Supreme Council to discuss the Silesian problem
should be called in the near future.”
Word came from Paris a week ago this afternoon
that “Premier Briand, following a meeting of the
Council of Ministers at Rambouillet yesterday, has
dispatched a telegram to Berlin requesting that the
German Government take all necessary steps to in
sure safe conduct through Germany of a new divi
sion of French troops, which it is said in official
circles will be ordered to Silesia within a few
hours.” The very next day it was claimed that “ a
compromise has been effected between France and
Great Britain regarding the Silesian issue as a re
sult of new exchanges this afternoon.” Announce
ment was said to have been made that “ Premier
Briand will probably agree to a meeting of the Su
preme Council about the middle of the first week in
August and withdraw his demand for a meeting of
experts.” According to the understanding in the
French capital of the latest developments in the
situation, “ in return for this Great Britain has
been asked to join with France in requesting free
passage through Germany for reinforcements.” It
was expected that “ the meeting of the Supreme
Council will be held at Boulogne or Paris.” The
fact that on Monday Premier Lloyd George prom
ised to make a statement to the House of Commons
on Thursday relative to the Upper Silesian situa
tion was taken as evidence that an agreement as to
how to handle it had been reached by Great Britain
and France. The New York “ Tribune” correspond
ent in London cabled Tuesday morning that the Su
preme Council would meet on Aug. 4, “ probably at
Boulogne, to reach a final settlement of the contro
versy over Upper Silesia.” He also asserted that
George Harvey, the American Ambassador, would
The next meeting of the Assembly of the League
attend, and that “ this will be the first time that the
American Government has been represented in the of Nations is scheduled to be held in Geneva on
Supreme Council.” An official announcement was Sept. 5. A dispatch from that centre says that ac-

J uly

JO 1921.]

THE CHRONICLE

cording to present indications, “ the agenda is not
likely to contain any new subject of particular im
portance, though the members still have time to
submit any new subjects they would like to have
discussed.”
The Associated Press correspondent
said that “ as the work in sight stands, the order of
business, with such modifications as may be made
necessary by subsequent requests of members, will
be as follow s: ‘Organization of the Assembly; re
ports of special committees appointed at the re
quest of the first Assembly, including amendments
to the Covenant; registration of treaties; the eco
nomic blockade and the interior organization of the
League; the budget; reports to the provisional tech
nical organizations of the League, including the
financial committee’s report on the scheme to re
suscitate Austria; election of eleven judges for the
International Court; the reduction of armaments;
Bolivia’s request for mediation in the Tacna-Arica
dispute; election of four non-permanent members of
the Council of the League; admission of new mem
bers.’ ”
In a copyrighted wireless dispatch to the New
York “ Times,” the Berlin correspondent of that pa
per declared that “ Germany is entering on a healthy
business and industrial boom.” He outlined the
situation, as he saw it, in part as follows: “ Ger
many’s great 62,000,000 soul-power home market
has wakened up from the long lethargic stagnation.
There is a brisk demand for goods again, particu
larly from the provinces. While foreign markets
are increasingly absorbing cheap German goods, the
increasing demand at home has revitalized the
wholesale trades, including domestic and foreign
trade, and injecting new life into industries. This
development is reflected in an increasing interest
on the part of the German investors, as well as pro
fessional speculation for industrial stocks.
The
automobile industry, a sensitive barometer of Ger
man economic conditions, has re-entered a period
of prosperity after the lean revolution years. Par
ticularly significant is the motor truck branch,
which was all but down and out, and has suddenly
picked up and is doing a satisfactory business. The
bicycle industry is enjoying a similar boom, factor
ies having orders for months ahead. The iron in
dustry, too, is going strong, the mills having orders
sufficient to keep them busy until the first of the
year. There are similar reports from the textile
industry. Many plants are sold out months ahead.
There is a revival in the building trades, too. The
simple explanation of the mystery of Germany’s
economic revival is hard work, plus cheap raw ma
terials, artificially cheap coal and labor, the latter
conditioned by artificially cheap bread and hous
ing, all artificial because maintained solely by State
control through fixed minimum prices.”

451

tremists and the Fascisti, who, although fighting
each other ferociously, as proved by the tragedy at
Sarzana, joined in opposing the Cabinet.” The cor
respondent added that “now Signor Bonomi and his
colleagues in the Government have about four
months before them without the necessity of facing
another vote of confidence, during which time they
can strengthen their position and show their met
tle.”
Richard Washburn Child, the new American Am
bassador to Italy, made his first public appearance
in that country at a reception given Monday night
in Rome “ by the students of the University of Rome
to the American students who are visiting Italy to
participate in the exercises commemorating the
600th anniversary of the death of Dante.” In his
reply to a cordial address of welcome, the Ameri
can Ambassador said: “ I will make three pledges.
The first is that my office shall serve no single
group, party, class or creed, but all loyal Americans.
The second is that the full and abundant friendship
of the United States shall be extended to all loyal
Italians. The third is that I shall endeavor to pre
serve the amicable relations between Italy and the
United States and study opportunities for mutual
helpfulness in the economic field, thus aiding in
building up financial and economic co-operation be
tween the two countries.”
Last week alarming reports were received rela
tive to food conditions in Russia. A few days ago
the Russian trade delegation in London issued a
statement in which it was claimed that only about
10.000. 000 people, instead of 20,000,000, as at first
reported, have been affected directly. . According to
the statement, “ the worst district is in Southeast
ern Russia, and includes the area which stretches
from Astrakhan in the south to Simbirsk in the
north and goes east to Ufa. This area is entirely
agricultural, except for two or three factories. Up
to this year the area was described as the granary
of Russia. That is why all Russia is affected.
Roughly speaking, the famine area represents onetwentieth part of Russia; but in the past it pro
vided not less than one-half of the Russian harvest.
During the revolution it supplied the whole of the
food of the country.” The statement contained the
following statistics: “ Siberia, with a population
of 50,000,000, is expected to give a harvest of from
300.000. 000 to 325,000,000 poods (60 poods make a
ton), whereas in the famine area, with a popula
tion of 30,000,000, the harvest is expected to yield
only 30,000,000 poods.” The situation was given in
greater detail as follow s: “ To-day in the famine
areas the people are living on inadequate rations
saved from previous harvests. On an average they
receive only about half a pound of bread per day.
In the Ukraine it would be double that amount and
in Siberia probably a trifle more. But it can be seen
what must happen unless relief is obtained for the
famine districts. In two or three months’ time the
situation will be most serious. We want transit
facilities as well as grain. The question of grain is
complicated by lack of transport- Our biggest prob
lem is the absence of railway engines and fuel, which
makes it very difficult to convey grain from Siberia
to the famine areas.”

The latest cable advices from Borne indicate that
the new Ministry, headed by Signor Bonomi, has
the political situation pretty well in hand. A dis
patch from that centre to the New York “ Times”
last Monday stated that “ Premier Bonomi succeed
ed in obtaining the largest majority vote on Satur
day since the armistice was concluded, by asking
the Chamber to approve his determination to put
down any violence from whatever quarter it may
come. This resulted in a coalition of all groups in
Nikolai Lenin, according to a special Berlin ca
the Chamber in favor of the Cabinet, except Ex blegram to the New York “ Times,” delivered a sig-

452

THE CHRONICLE

[V ol.

113.

mficant address recently at a meeting of Food Com- No additional change has been made in the Bank’s
missars in Moscow. He was quoted in part as fol minimum discount rate, which continues at 5 ^ % ,
lows :
the same as a week ago. Clearings through the Lon
"New conditions of sail reality have changed our eco don banks for the week amounted to £700,387,000,
nom ic policy. These new conditions were on the one hand as against £685,490,000 a week earlier. We append
tin* bad condition of the peasants, and on the other hand a tabular comparison of the different items in the
had development in the big industries. Our present posi
tion is bad. We cannot revive the large industries. We Bank of England return:

must now employ all our forces, cost what it will, to the
end that the small bourgeois industry shall improve. The
new conditions have given the whole Soviet Government a
new basis and turned its economic policy in an entirely
new direction. You know how hard we worked for all these
years to upbuild and improve our apparatus. You know
how hard it was to build all over again. There is no real
rest for us, and there are lots of difficulties ahead of us.
The new policy will be of long duration. But do not vacil
late. The country is run way down economically, but every
new difficulty has hitherto brought forth new forces and
new enthusiasm. We are going frightfully slow, but still
ahead. Though we have not mastered all difficulties we
are mastering them. Realization among the workers grows
that the new conditions are a new battleground whereon
the workers alone, without the help of capitalists, will
slowly conquer position after position.”

Gregory Krassin, in an interview printed in Mos
cow a few days ago, was reported to have said that
“ since winning our case over our right to Russian
gold in Great Britain we are completing arrange
ments to open a bank in London within the next few
weeks. This bank will have branches throughout
Europe.”
Practically ever since President Harding made it
known that he had extended an invitation to the
leading nations of the world to a conference in
Washington next fall to discuss disarmament and
the Pacific problems, there has been uncertainty as
to the attitude of Japan. Last week’s advices indi 
cated that she was willing to send representatives to
discuss the former question, but that she was not
ready to commit herself regarding the latter. Wed
nesday morning of the present week, however, the
Associated Press correspondent in Tokio stated that,
according to information that he had obtained, “the
Japanese Cabinet has decided to accept participa
tion in the proposed conference on Far Eastern
problems.” He understood also that the Japanese
answer would be “forwarded to Washington in the
near future.” It was reported in the latter centre
Wednesday evening that the reply had already
reached the State Department, but had not been de
coded. So far it has not been made public.
The Bank of England in its weekly return reported
a nominal gain in gold, namely, £2,604, but a decline
in total reserve of £563,000, in consequence of an
expansion of £566,000 in note circulation. As
against this, however, drastic contraction in the
deposit items was shown, and the result was an ad
vance in the proportion of reserve to liabilities to
15.21%, as compared with 11.49% last week and
12.20% a year ago. In public deposits there was a
decrease of £1,563,000. Other deposits were brought
down £42,851,000. Loans on Government securities
also fell sharply— £39,530,000, while loans on other
securities declined £4,275,000. The Bank’s stock of
gold on hand now stands at £128,370,063, which
compares with £123,234,383 in 1920 and £88,414,829
a year earlier. The reserve total aggregates £18,536,000. Last year it was £16,315,188 and a year
earlier £27,477,574. Note circulation is £128,283,000, against £125,369,195 a year ago and £79,387,255
the year before that, and loans (other securities),
£78,000,000, in comparison with £75,481,209 and
£81,745,550 one and two years ago, respectively.

HANK OF EN GLAN D'S CO M PA RA TIVE STATEM EN T.
1918.
1021.
1920.
1919.
1917.
July 27.
July 30.
July 31.
July 28.
Aug. 1.
£
£
£
£
£
Circulation. . _
128,283,000 125,369,195 79,387,255 56,870,340 40,476,410
Public deposits__
15,373,000 15,148,654 17,881,009 37,789,088 44,811,739
Other deposits_____ 106,436,000 118,650,249 116,554,700 138,440,986 128,744,196
Governin't securities 43,187,000 59,912,361 43,143,806 58,601,132 50,430,661
Other securities___ 78,000,000 76,481,209 81,745,550 106,787,164 110,651,852
Reserve notes & coin 18,536,000 16,315,188 27,477,574 28,839,150 30,429,593
Coin and bullion__ 128,370,063 123,234,383 88,414,829 67,250,490 52,456,003
Proportion of reserve
to liabilities_____
15.21%
12.20%
20.44%
16.40%
17,53%
Bank rate__
5!^ %
7%
5%
5%
5%

The Bank of France has reduced its discount rate
from 6 to 5M>%. The 6% rate had been in effect
since April 8 1920. Otherwise no change has been
made in official discount rates at leading European
centres from 5% in Berlin and Belgium; 5J/£% in
London; 6% in Rome, Denmark, Sweden, Norway
and Madrid, and 4)^% in Holland and Switzerland.
Private discounts in London again eased off, and
short bills are now quoted at 4 % % , against 4 % % ,
and three months at 43^%, against 4% % last week.
Call money in London remains at 3)^% , the same
as a week ago. So far as can be learned, no reports
have been received by cable of open market rates
at other centres.
The Bank of France continues to report small gains
in its gold item, the increase this week being 187,450
francs. The Bank’s gold holdings are thus brought
up to 5,521,075,750 francs, comparing with 5,589,174,979 francs on the corresponding date last year and with
5,567,075,910 francs the year previous; of these
amounts 1,948,367,056 francs were held abroad in
1921 and 1,978,278,416 francs in both 1920 and 1919.
Silver during the week gained 338,000 francs, bills dis
counted increased 182,783,000 francs, and general
deposits were augmented by 459,143,000 francs. On
the other hand, advances fell off 41,068,000 francs,
while Treasury deposits were reduced 9,041,000 francs.
Note circulation registered the further large contrac
tion of 328,501,000 francs, bringing the total out
standing down to 36,941,450,000 francs. This con
trasts with 37,095,875,750 francs at this time in 1920,
and with 35,024,724,685 francs in 1919. Just prior to
the outbreak of war, in 1914, the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week’s return with the statement of last
week and corresponding dates in 1920 and 1919 are
as follows:
BANK OF FRAN CE'S COM PARATIVE STATEM EN T.
Changes
— — ----------------- Steam as of-------------------------for Week.
Jug 28 1921. July 29 1920.
July 31 1919.
Gold Holdings—
Fiancs.
Francs.
Francs.
Francs.
In France________ Ine.
187,450 3.572,708.694 3,610,896,563 3,588.797.494
Abroad__________
N o change
1,948,367,056 1,978,278,416 1.97S,278,416
Total__________ Inc.
187.450 5,521,075,750 5,5S9,174,979 5.567,075.910
S ilver___________ Inc.
338,000
275.2S5.495
247.635,579
299.880.311
Bills discounted__ In c. 182,783,000
2,769,361,298 2,032,906,922
945.252.792
Advances_______ Dec. 41,0SS,000
2,180,116,000 1,933,018.995 1,260.042.896
Note circulation..Dee, 32S,501,000 36,941,450,000 37,095.875.750 35,024,724.685
Treasury deposits.Dec. 9,04.1,000
22,265,000
109,618,237
48,801.293
General deposits..Inc. 459,143,000 3,229,368,000 3,306,667,078 2,919.885,577

In its statement issued as of July 23, the Imperial
Bank of Germany shows that gold was increased
12.000 marks and total coin and bullion 2,651,000
marks. Treasury certificates were also expanded
833.195.000 marks, while there was a contraction in

July 30 1921.]

THE CHRONICLE

note circulation of 355,510,000 marks. Notes of
other banks increased 1,281,000 marks. There were
the usual sharp changes in bills discounted and de
posits, the former declining 6,071,138,000 marks and
the latter 4,656,624,000 marks. Advances were re
duced 5,608,000 marks and other liabilities 70,425,000
marks. Other securities gained 202,442,000 marks,
and investments were 95,000 marks larger. The
Bank reports its gold holdings as 1,091,556,000
marks. A year ago the total was 1,091,640,000
marks, and in 1919 1,111,760,000 marks. Note
circulation totals are 74,997,125,000 marks, which
compares with 53,983,200,000 marks in 1920 and
29,345,860,000 marks a year earlier.
An analysis of the Federal Reserve Bank state
ment, issued late on Thursday afternoon, indicates
that gold is still piling up while portfolios are being
reduced. Returns for the whole system show an in
crease in gold of 123,000,000, while bills on hand fell
$41,000,000, to $1,669,000,000, which compares with
$2,836,000,000 in the corresponding week of 1920.
Total earning assets likewise continue to shrink, this
week’s reduction being $45,000,000. Federal Reserve
notes in actual circulation were further reduced
$27,000,000. As a result of these changes the reserve
ratio advanced from 62.5%, to 63.4%. In the New
York Bank, the gold reserve expanded $33,000,000.
Rediscounts declined $18,000,000 while total bills on
hand were brought down $22,000,000. Notwith
standing that deposits increased about $6,000,000,
an advance of 2.2% was shown in the reserve ratio,
raising it to 72.2%.
Last Saturday’s statement of the New York Clear
ing House institutions was more or less a routine
affair and without important feature. The most
significant change was a decline in net demand
deposits of $31,720,000, bringing the total to $3,649,040,000. This is exclusive of $53,649,000 in Govern
ment deposits and represents an additional reduction
in that item of $31,552,000, or a contraction of
$189,502,000 in the last five weeks. Net time de
posits declined $3,623,000, to $210,909,000. The
loan item showed a comparatively nominal lowering
of $701,000 and with the exception of the drawing
down of reserves of member banks with the Federal
Reserve Bank by $11,373,000, other changes were
unimportant. Cash in own vaults of members of
the Federal Reserve Bank declined $56,000, to
$74,983,000 (not counted as reserve). Reserves of
State banks and trust companies in own vaults were
reduced $211,000, but reserves of these same institu
tions kept in other depositories increased $414,000.
There was a cut in aggregate reserves of $11,170,000,
to $489,055,000. In surplus, however, owing to the
contraction of deposits, the loss was smaller, being
$6,986,750. Hence the total of excess reserve is
now $6,295,290, in comparison with $13,282,040 held
a week ago. The figures here given for surplus are
on the basis of 13% reserves above legal require
ments for the member banks of the Federal Reserve
System, but do not include cash to the amount of
$74,983,000 held in vault'by these member banks on
Saturday last.
For many months there have been predictions of
easier money. Until very recently the relaxation
from the stringency that had existed for a long time
was only temporary and appeared to be due to de

453

velopments that could not be expected to extend over
a long period. Generally speaking, however, the
trend has been toward greater'ease. Not until this
week did it develop in a pronounced fashion. At the
outset of the week most observers would not have
been surprised to see higher rates as the week ad
vanced. Those who entertained such a possibility
called attention to the offering of $300,000,000 Treas
ury certificates by the Government, $10,000,000 4%
certificates of indebtedness for the account of the
Philippine Government, to the rather rapid increase in
the offerings of corporations and municipalities, and
to the Aug. 1 interest and dividend disbursements.
As a matter of fact, there was no sign of a flurry in the
call money market early in the"week, but on the con
trary a tendency toward lower rates. During the
last half of the period the quotations for both call and
time money were lower than they have been for a
long time. On Thursday call loans renewed at 4]^%,
the lowest since September 1919, and in the after
noon of that day the official rate on the Stock Ex
change for loans from day to day dropped to 3J^%.
On both Thursday and Friday moderate amounts of
time money were put out as low as 5 ^ % . With the
rates for call loans at such a low level naturally there
were larger offerings of time money. Some ob
servers have gone so far as to predict that call money
would drop to 2%. This is regarded by the best
authorities as altogether unlikely. There has been
a better bond market this week than for a long time.
One of the gratifying features has been the large
number of issues for which there was a good demand
and another the uniformity of the upward price
movement. Liberty issues, railroad and foreign
Government bonds have been most sought for.
There is likely to be a good bond market as long as
money remains at about present levels.
As to specific money rates, call loans during the
week covered a range of
as against
5@6% last week. On Monday and Tuesday the
high was 5]^%, the low 5%, with renewals at 5)^%
on both of these days. Wednesday there was a
decline to 4]^%, low, with 5% the renewal basis.
This was also the maximum figure. A sharp drop
took place on Thursday, and for a short time at the
close of business a rate of 3)^% was named, although
loans renewed at 4]^%, the maximum rate. This is
the lowest level established since Nov. 19 1919, and
is largely the result not only of freer offerings but of
the limited inquiry owing to the prevailing inactivity
on the Exchange. On Friday there was no range
and a single rate of *4)/£% was quoted, this being
the high, the low and the ruling rate for the day.
In time money also supplies are more freely available,
and the range has been reduced to 5J^@5^t% for
all maturities from sixty days to six months, which
compares with 6% last week. Nevertheless trading
was light and time funds were offered in round
amounts at 6% without leading to any business to
speak of.
Mercantile paper was in good demand, particularly
from out of town institutions, with some inquiry
from local banks. The bulk of the business is at
6% for sixty and ninety days’ endorsed bills receiv
able and six months’ names of choice character, but
a few loans were put through at 5%%. Names not
so well known require 6 @ 6 ^ % , as against
Q}/2% a week ago. A fairly large turnover was
reported.

THE CHRONICLE

454

Bunks’ and bankers’ acceptances were also easier,
but offerings were somewhat restricted; hence retransactions in the aggregate were only moderate.
Country banks were the principal buyers. New
York savings banks took very little part in the week’s
dealings. For call loans against bankers’ accep
tances the posted rate of the American Acceptance
Council is now down to 4 % % . The Acceptance
Council makes the discount rates on prime bankers’
acceptances eligible for purchase by the Federal Re
serve Bank 5 % % bid and 5 % % asked for bills run
ning 120 days; 5} s(®5% for ninety days, 5 % @ 5 %
for sixty days and 5% @ 5 for thirty days. Open
market quotations are as follows:
Prime eligible billtj__

_

SPOT D E L IV E R Y .
90 Days
____
5 !s @ 5

00 Days.
5M © 5

30 Days.
5

FOR D E LIV E R V W IT H IN T H IR T Y D A Y S .
Eligible member banks_________________ ___________________________________ 5K bid

Eligible non-member banka.

. ____
_____

lulls

...

...

5% bid
________5 % bid

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
D ISCO U N T RA TE S OF T H E F E D E R A L R E SE RVE HANKS
IN E FFE CT JULY 29 1921.

Federal Reserve
Bank of—

___
B oston___
New \ork .
P h iladelph ia.-.___
Cleveland . . .
Richmond
....................
A t la n t a ______ _
Chicago .
_ . _____
St. Louis. _______
___
M in n ea p olis__
Kansas C it y ..
Dallas ..........................
San Francisco. .

Discounted bills maturing
within 90 days (including
member banks’ 15-day col Bankers'
A g ric u l
lateral notes) secured by— accep
Trade tural and
tances
accep live- slock
Treasury Liberty
Other
disc'ted
tances
paper
notes and bonds
for
maturing maturing
wise
certf. of
member
with in 91 to ISO
and
secured
indebt
Victory
and
banks
90 days
days
unsecured
notes
edness
5H
5H

5H

ft

6
6
6

ft

6
6
6
5H

5U
5K>
5W

6
6
6
6
6
6
6
6
5A

5H

5A
5%
6
6
6
6A
6
6A
6
6
5A

5A
5%
6
6
6
6
5A
6
6
6
5A

5 'A
5A
5 'A
6
6
6
6'A
6
6A
6
6
5'A

B'A
5A
5A
6
6
6
6A
6
6A
6
6
5A

N ote.— Rates shown for Kansas City are normal rates, applying to discounts not
In excess of basic lines fixed for each member bank by the Federal Reserve Bank.
Discounts in excess of the basic line are subject to a 1% increase in the discount
rate for the first 100% by which the amount of accommodation extended exceeds
the basic line, and thereafter to an Increase of 2 % .

The sterling exchange situation remains without
essential change; that is to say, the underlying factors
at work a week ago continue in evidence with the
market still dominated by London and apathetic
under continued heavy offerings of bills. Demand
bills sold down to 3 55%, a new low on the present
movement, and a loss of 3% cents during the week.
Trading, however, was exceptionally dull and quo
tations moved within narrow limits. Not for quite
some time have dealings in foreign exchange been
as inactive as in the past week. ^ As a matter of fact,
on some days the market at frequent intervals was at
a practical standstill. What might be called “ mid
summer dulness” was partly responsible for this state
of affairs, as both exports and imports showed an
appreciable falling off. Commercial bills continue
to be offered against future shipments of cotton and
grain, and this served to depress price levels; as did
also selling for account of British interests who are
still apparently accumulating dollar credits. Addi
tional factors in the weakness were the negotiations
by Germany for reparations settlements and to set
up credits here for the purchase of commodities.
Towards the latter part of the week a somewhat
firmer feeling developed for a time, partly as a result
of the relaxation in money and fractional recoveries
took place, but at the extreme close weakness again
set in and the final range was at very near the lowest
for the week.

[ V ol . 113.

In the opinion of some market observers, the recent
sharp falling off in the volume of business in exchange
has been due in no small measure to the withdrawal
of certain prominent speculators responsible for at
least some of the wild fluctuations witnessed of late.
As is well known, the action of the Reparations Com
mission in granting Germany permission to make
payments in other than American money was for
the express purpose of checking European specu
lation. The claim is made that some of the most
daring operators sustained very heavy losses as a
result of the sensational collapse of the past two
months. As a result the feeling seems to be that
speculation will play a less prominent part in market
operations and that the exceptionally active trading
of recent weeks is not likely to be duplicated, at least
until there is a permanent broadening of genuine
business activity. A rumor in circulation during
the latter half of the week was to the effect that a
large short interest is outstanding; but this could
not be confirmed. It is expected that offerings will
continue in excess of the market’s powers of absorp
tion for quite a while; since money in London is
lower than here, inducing the transfer of balances
from that centre to New York, while nearly all the
leading European nations are in the market for both
raw materials and manufactured products for the
reviving of home industries.
As regards the day-to-day rates, sterling exchange
on Saturday of last week was easier and demand bills
declined l% c ., to 3 57% @ 3 58%; cable transfers
were at 3 58%@y3 59% and sixty days at 3 50% @
3 53%; trading was quiet with heavy offerings the
feature. Monday’s market was dull and featureless
and a further recession took place, to 3 56% @ 3 58
for demand, 3 57% @ 3 58% for cable transfers and
3 50% @ 3 52% for sixty days. Prices moved within
narrow limits on Tuesday and trading was if any
thing even more restricted; the undertone was in
clined to weakness owing to liberal offerings in an un
responsive market; demand ranged between 3 56%
and 3 57%, cable transfers at 3 57% @ 3 58 and sixty
days at 3 51% @ 3 53%. On Wednesday quotations
were almost motionless, at much the same levels,
namely 3 56% @ 3 56% for demand, 3 57%@,3 58 for
cable transfers and 3 51% @ 3 51% for sixty days.
Inactivity marked Thursday’s dealings, although
quotations were steady, and demand was unchanged
at 3 56% @ 3 57%, cable transfers to 3 57% @ 3 58
and sixty days to 3 51% @ 3 52%. Friday the mar
ket ruled quiet and weaker, with fresh declines; the
range for demand was 3 55% @ 3 56%, cable trans
fers 3 55% @ 3 56%, and sixty days 3 50@3 50%.
Closing quotations were 3 50% for sixty days,
3 55% for demand and 3 56% for cable transfers.
Commercial sight bills finished at 3 55%, sixty days
at 3 49%, ninety days at 3 44%, documents for pay
ment (sixty days) at 3 49%, and seven day grain
bills at 3 54. Cotton and grain for payment closed
at 3 55%. Gold arrivals were heavy and included
84,510,000 gold bars and coin of British, Turkish
and Indian mintage on the Aquitania from South
ampton, $3,350,000 on the Adriatic, bar gold,
British coin and Turkish gold, $500,000 on the
Paris from Havre, $500,000 on the Chicago, also
from Havre, and ten packages on the Rotterdam
from Rotterdam. Miscellaneous consignments tor
smaller amounts were received as follows: Hie
Ulna from Port Limon, $50,000; the Huron, train
Buenos Aires, $257,300; the Esperanto, trout \ era

C ruz,

17

packages

o f U n it e d

S t a te s

2 9 b a r s o f s ilv e r ; th e M a y a r o , fr o m
p ackages,

and

th e

S ix a o la ,

cu rren cy

and

D e m e r a r o , tw o

fr o m C a r t h a g e n a ,

n in e

E x c h a n g e on
th e

co u rse

som e

ir r e g u la r ity

S a n ta M a r ta ,

fin e d

11 p a c k a g e s fr o m

C o lo m b i a ; a n d th e

P a r in a , fr o m S t . K i t t s , wil-h o n e b o x o f s p e c ie .
In C o n t in e n t a l e x c h a n g e th e fe a tu r e o f th e w e e k
th e

sen sa tio n a l

b rea k

in

lire

q u o ta t io n s ,

w h ich a t o n e tim e su sta in ed a lo ss o f m o r e th a n 2 3

4.04}4.

p o in ts , to
heavy

sellin g b y

n o t q u ite

th e fo r m e r n eu tra l eon I,res fo llo w e d
th e

o th e r

w ith

th e

n o te d .

to a fe w

C o n tin e n ta l

tren d

C h an ges,

cu rren cies

to

dow nw ard

and

som e

how ever,

w ere

con

p o in ts e x c e p t in th e ca se o f D u t c h

g u ild e r s , w h ich d e c lin e d s h a r p ly , fr o m 3 1 .3 4 to 3 0 .5 1
on

been

of

e x te n t,

c a se s o f g o ld d u s t a n d c u r r e n c y a n d 18 b a r s o f g o ld ;

has

455

TH E CHRONICLE

July 30 1921.]

T h is w a s th e im m e d ia t e r e su lt o f

o ffe r in g s

grain to
a

o f c o m m e r c ia l

H o lla n d .

bills a g a in s t e x p o r ts o f

A s id e fr o m

th is th e m a r k e t w a s

v© ry n arro w a ffa ir .
B an kers’

sig h t

a g a in s t 3 1 .4 4 ;

on

A m ste rd a m

clo sed

at

3 0 .6 8 ,

c a b le tr a n sfe rs a t 3 0 . 7 3 , a g a in s t 3 1 . 4 9 ;

L o n d o n , ju s t fo r w h a t p u r p o se is

c o m m e r c ia l s ig h t

b ills a t 3 0 . 6 3 ,

a g a in s t 3 1 .3 9

and

R u m ors

c o m m e r c ia l s ix t y

d a ys a t 3 0 .2 7 ,

a g a in s t 3 1 .0 3

la s t

clea r.

have

been

c ir c u la tin g

in

th e fin a n c ia l d istr ic t in th e p a s t d a y or t w o o f a re

w eek.

n ew a l o f in d u stria l u n re st in I t a l y , a n d t a lk h a s b een

fo r b a n k e r s ’ sig h t b ills a n d 1 6 .4Q fo r c a b le r e m it t a n c e s ,

h ea rd o f a g en eral s tr ik e .

a s c o m p a r e d w ith 1 6 .4 8 a n d 1 6 .5 0 a w e ek a g o .

T h ese, how ever, have not

F in a l q u o ta t io n s fo r S w iss fr a n c s w e re 1 6 .3 8

C op

been cre d ite d b y b a n k e r s u s u a lly w ell in fo r m e d on

en h a g e n c h e c k s fin ish e d a t 1 5 .0 5 a n d 1 5 .1 0 fo r c a b le

Ita lia n a ffa ir s .

tr a n s fe r s , a g a in s t 1 5 .1 5 a n d

clin e

to

M o s t a u th o r itie s a tt r ib u t e d t h e de

s p e c u la tiv e

o p e r a tio n s .

B e fo r e

th e

clo se

th e r e w a s a r e c o v e r y t o 4 . 1 8 fo r c h e c k s .

2 0 . 4 5 , a g a in s t 2 0 . 6 0 a n d 2 0 . 6 5 , w h ile c h e c k s on N o r 

A s id e fr o m th e e x c ite m e n t a n d a c t iv i t y in I ta lia n
lire , th e E u r o p e a n e x c h a n g e s w ere q u ie t a n d ch a n g e s
in

q u o ta t io n s

not

fra n c s flu c t u a te d
b ills .

A n tw e r p

7 .2 7

and

w as

irreg u lar

1.21)4,

7 .5 7

e s p e c ia lly

b e tw e e n
fra n c s
as

and

m oved

A u s tr ia n

on B e r lin

b e tw e e n

k ro n e n

sig h t

to u c h n ig

Exchange

a lte r n a te d

F ren ch

7 .7 5 fo r

s im ila r ly ,

e x tr e m e s .

and

w h ile

s ig n ific a n t.

7 .5 4

1 .2 9

c o n tin u e

and

w ay

fin ish e d

at

1 2 .7 5

v io le n t

n ew

d e c lin e ,

and

930

to

th e

m oney

to

m eet

c ite d

as

ca u se

fo r

th e

d o lla r .

q u o ta t io n
The

G overn m ent

th e

th is

c o n s ta n t

d e c lin e .

w eek

issu e

of

e x p e n d itu r e s

is

A

d is p a tc h

fr o m

B e r lin s ta te s t h a t G e r m a n y is so o n to sen d a n u n 
o ffic ia l m is s io n to th e U n it e d S ta te s t o d iscu ss w ith
A m e r ic a n

ban k ers an d

q u e s tio n

of

d e a lin g s

w ere

G o v e r n m e n t a u th o r itie s th e

s ta b iliz in g

th ro u g h o u t,

of

th e

s m a ll

o ffe rin g s

of

G erm an

m ark.

p r o p o r tio n s ,
b ills

of

a ll

W h ile

p r a c tic a lly

so rts

c o n tin u e

h e a v y , a n d it is fe a red t h a t still lo w e r price le v e ls
m a y b e r e a c h e d , sin ce fo r th e n e x t e ig h t or te n w e ek s
c o t t o n , g ra in a n d o th e r b ills a re lik e ly to m a k e th e ir
a p p e a r a n c e in still larg er v o lu m e , d u r in g th e c r o p m o v in g

ch e c k r a te o n P a ris clo sed a t

4 6 . 9 5 , a g a in s t 4 6 . 2 9 Yi a w e e k a g o .
th e

F rench

7 .7 8 3 /2 ; c a b le

ce n tre

fin ish e d

tr a n s fe r s ,

7 .6 0 ,

S ig h t b ills here

at

7 .5 9 ,

a g a in s t

a g a in s t

7 .7 9 3 ^ ;

com 

m e rc ia l s ig h t b ills a t 7 . 5 7 , a g a in s t 7.763dz, a n d c o m 
m e rc ia l s ix t y

d a y s 7 .5 1 ,

a g a in s t

7 .7 0 3 ^

A n tw e r p fra n c s clo sed a t 7 .3 4 fo r
fo r

c a b le

7 .6 1 3 /2

tr a n s fe r s ,

on

p e s e ta s , a fte r a d e c lin e t o

F r id a y

1 .2 3 3 4

fo r

as
of

c a b le

close w a s 1 .2 9 5 4 a n d
ish ed a t

1 2 .8 0 ,
S p a n is h

1 2 .6 8 , ra llie d a n d c lo sed
A

w e e k a g o th e clo se w a s 1 3 .0 0 a n d 1 3 .0 2 .
C A B L E B U Y IN G R A T E S F I X E D B Y F E D E R A L R E S E R V E B A N K ,
JU L Y 22 1921 T O J U L Y 28 1921, IN C L U S IV E .
N oon Buying Rrale for Cable Transfers in Y ew York.
Value in United Slates M oney.
Country and Monetary U nit.
July 22. July 23. July 25. July 26. July 27. July 28.
EUROPE—
.001344 .00131
.00135
Austria, krone__ .001175 .001094 .001181
.0757
.0747
Belgium , franc . . .
.07557
.0753
.0753
.07525
Bulgaria, le v .
---------- .0088
.0088
.0088
.0085
.0087
.0086
Czecho-Slovakia, krone___ .0131
.01298
.012846 .0128
.01275
.01264
.1512
D enm ark, krone__ _______ .1519
.1521
.1519
.1512
.1510
3.58275 3.574
England, pound ............ 3.60
3.57375 3.57475 3.57575
.0166
.0164
.0162
.0163
.0152
Fin.and, m arkka................ .01544
.07784
.077465 .0772
France, franc
.07717
.07713
.07677
Germ any, reichsmark------ .01318
.01285
.01273
.01271
.012645 .012275
.0549
.0549
.0549
Greece, drachm a . _____ .0551
.0553
.0551
H olland, florin or gu ilder.- .3148
.3122
.3079
.31381
.3098
.3068
.003169 .003131 .00304
H ungary, krone. . . .
.00281
.002681 .002619
.04475
Italy, lira . ________
..
.04343
.043545 .04307
.0408
.04108
.00621
.006219 .00621
.0057
Jugoslavia, krone
. . .
.006119 .0059
N orw ay, k r o n e .................. .1285
.1287
.1299
.1282
.1285
.1283
.000508 .00052
Poland, Polish mark . . .
.00052
.000492 .0005
.00052
.1107
Portugal, escuda ___
.1067
.1141
.1136
.1085
.1142
.01364
____
Rumania , leu
.013594 .0132
.013119 .0130
.01276
____ .0254
.0254
.0249
Serbia, dinar____ __
.0230
.0246
.0236
Spain, peseta _________ - .1293
.1290
.1279
.1271
.1271
.1281
Sweden, k r o n a ___________ .20611
.2010
.2027
.2050
.2060
.2046
Switzerland, franc . . .
.1647
.1645
.1641
.1641
.1640
.1640
A S IA —
.4980
H ongkong, dollar .
.4905
.50035
.5006
.4938
.5005
Shanghai, tael . . . . .
.6752
.6678
.6695
.6775
.6780
.6795
Shanghai, M exican dollar. .4860
.4870
.4938
.4925
.4925
.4886
iDdia, r u p e e ................ ........
.22458
.227708 .2275
.2275
.228542 .2282
Japan, yen ................ ...........
.48041
.48125
.48125
.48125
.48125
.48125
Java, florin ok guilder_____
.3007
.3025
.3050
.3050
.3022
.3058
M anila, peso_____________
Singapore, d o lla r.............
.4183
.4158
.4150
.4183
.4167
.4158
N O R T H A M E R IC A —
Canada, dollar..................... .887916 .888333 .888958 .88875
.889895 .88958
Cuba, peso......... ................... .991875 .989425 .989425 .989418 .989418 .990235
M exico, peso . . . .
.488542 .488125 .4883
.487708 .488958 .487708
SO U T H A M E R IC A —
.6554
.6520
Argentina, peso (g o ld )____ .64353
.64889
.6552
.66273
Brazil, m ilr e is ___________
.1029
.1041
.10599
,1083
.10380
.10756
.5860
.5879
.5927
.5922
U ruguay, peso____________
.5986
.5980

ch e c k s

co m p ared
th e

w ith

p r e v io u s

w eek.

A s to S o u th A m e r ic a n q u o ta t io n s a s lig h t ly fir m e r

a n d 7 .3 5

to n e w a s a p p a r e n t a n d th e c h e c k r a te o n A r g e n t in a

la s t

7 .6 0 3 /2

w eek.

and

C lo s in g

q u o ta tio n s fo r B e r lin m a r k s w ere 1 .2 2 3 4 f ° r c h ec k s
and

tr a n sfe rs

_

p e r io d .

T h e o fficia l L o n d o n
on

c a b le

a t 1 2 .7 7 for ch ec k s a d 1 2 .7 9 fo r c a b le tr a n s fe r s .

I n V ie n n a th e A u s tr ia n cro w n is sa id to b e c o n tin u in g
re a c h e d

and

a g a in s t 1 2 .9 7 a n d 1 3 .0 2 th e w e e k p r e v io u s .

heavy,

to u c h in g th is tim e Q O .lO jf?, a n o th e r n e w lo w r e c o r d .
its

1 5 .2 0 th e w e e k b e fo r e .

C h e c k s on S w e d e n clo se d a t 2 0 . 4 0 a n d c a b le tr a n sfe rs

00 .10 34

fo r

c a b le

tr a n s fe r s

w eek.

2954

a g a in s t

N o tw it h s t a n d i n g

2 8 .3 7

th e

and

2 8 .5 0

u n s a t is fa c t o r y

la s t

trad e

th e

c o n d itio n s p r e v a ilin g a t t h a t ce n tre it is u n d e r s to o d

A u s tr ia n k r o n e n fin 

t h a t th e p r e d o m in a n t n o te in c o m m e r c ia l circles is

r e m itta n c e s .
1 .3 0 5 4 -

re c o v e r e d to 2 9 5 4 fo r c h e c k s , w ith th e close 2 9 3 4 a n d

ch ec k s a n d

L ast

0 0 .113 4

w eek

fo r

c a b le

c o n fid e n c e t h a t im p r o v e m e n t is n o t fa r o ff.

tr a n s fe rs , a g a in s t 0 0 .1 2 5 4 a n d 0 0 .1 3 5 4 th e w e e k p r e 

d is p a tc h fr o m

c e d in g .

fo r e ig n

F o r lire th e close w as 4 . 1 8 fo r b a n k e r s ’ sig h t

A recent

B u e n o s A y r e s s t a t e s t h a t tr a d in g in

exchange

is' to

sta rt

on

th e

B uenos

A yres

b ills a n d 4 . 1 9 fo r c a b le tr a n sfe rs, a s c o n tr a s te d w ith

S to ck E xch an ge on A u g . 1.

4 .4 3 3 4 a n d 4 .4 4 3 4 a w e ek earlier.

ers a n d b r o k e r s are a g a in s t th e in n o v a tio n a n d it is

T h e m id -E u r o p e a n

I t is r e p o r te d t h a t b a n k 

e x c h a n g e s w ere a ls o easier a n d C z e c h o -S lo v a k ia n cu r

b e lie v e d th e m o v e m e n t w ill n o t be a su c c e ss.

rency

b a n k s a n d tr a d e rs in te n d t o re fu se t o r e co g n ize e ith er

fin ish ed

at

1 .2 5 , a g a in st

1 .3 1 ;

B u ch arest

at

M ost

1 .2 7 , a g a in s t 1.3 6 3 4 ; P o la n d a t 53 4 ? a g a in s t 53 4 ? a n d

c o n tr a c ts or r a te s q u o te d .

F in la n d

m e n t w a s n o t e d , a n d th e clo se wag 1 1 .4 6 fo r c h e c k s

at

drach m a
checks

1 .6 8 ,

c o n tin u e

and

5 .5 0

a g a in s t

1 .7 0

la s t

w eek.

to

r u le ,

n o m in a lly ,

lo r

ca b le

tr a n s fe r s ,

a n d 5 .5 5 a w eek a g o .

at

G reek
5 .4 5

a g a in s t

fo r
5 .5 0

an d

1 1 .5 1

fo r

c a b le

1 0 .9 4 a w e e k e a rlie r.

F o r B ra z il a lso im p r o v e 

tr a n s fe r s ,, .a g a in s t
C h ilia n

1 0 .8 9

and

e x c h a n g e wap w e a k ,

s u s ta in in g a lo ss o f 3 9 p o in t s , to 1 0 . 0 0 , . a g a in s t 1 0 -3 9
last, w e e k ,

b u t P eru fin ish ed , at,. 3 . 8 0 , -.a g a in s t 3 , 7 5 .

I

456

THE CHRONICLE

[V ol. 113.

Far Eastern exchange was as follows: Hong Kong, place their property in efficient condition” ; he also
50J^@50*%, against 5 0 3 ^ @ 5 0 ; Shanghai, 70}^@ wished that the Government would complete at once
70%, against 71 @713^; Yokohama, 48J^@48%, the payments now due, and said he believed that if
against 483<>@48%; Manila, 46@47, (unchanged); also the roads were allowed to issue 15-year obliga
Singapore, 423^@43, (unchanged); Bombay, 23% tions for the amounts spent by Government on per
@24, against 24@24% , and Caloutta, 23% @ 23% , manent improvements their position would be
greatly strengthened. When two parties owe each
against 23%@24.
other, and no existing contract secures to either any
The New York Clearing House hanks, in their definite time for payment, the ordinary business
operations with interior banking institutions, have practice is to settle the debts on both sides by the
gained #6,650,012 net in cash as a result of the cur simple rule of cancellation and offset, as fast as the
exact amounts are ascertained. But in the case of
rency movements for the week ending July 28.
the railroads distinction must obviously be made be
Their receipts from the interior have aggregated
tween new capital outlays, represented by the ad
$7,666,552, while the shipments have reached $1,009,vances of the Government and which can be liqui
940, as per the following table:
dated only through some form of permanent finan
CU RREN CY RECEIPTS AND SH IPM EN TS B Y NEW YO R K BANKING
cing, and the amounts owing by the Government on
INSTITUTIONS.
current account, and which can only be withheld to
Gain or Loss
Out of
Into
Week etui ing July 28.
to Banks.
Banks.
Banks.
the prejudice of the proper conduct of the business
SI.00'.) ,1110 Gain $6,655,612
87,666,552
Banks' interior movement__________
of the roads. In these circumstances, such an ar
As the Sub Treasury was taken over by the Fed rangement as proposed has palpable advantages all
eral Reserve Bank on Dec. 6, it is no longer possible around.
In the special message sent to Congress on Tues
to show the effect of Government operations on
the Clearing House institutions. The Federal Re day, President Harding shows that he recognizes
serve Bank of New York was creditor at the Clear and appreciates the claims of the roads both for a
financial adjustment of the moneyed debt due them
ing House each day as follow s:
and for a business but not an elemosynary aid in
D AILY C R E D IT BALANCES OF N EW YO RK FE D E RA L RESERVE BANK
AT CLEARIN G HOUSE.
getting back upon a normal working basis. The Act
of a year ago, he points out, provided for funding
Aggregate
Saturday, Monday, Tuesday, Wednesd'y\ Thursday, Friday,
for Week.
July 27. | July 28.
July 29.
July 23.
July 25.
July 26.
the sums owed by the roads for permanent better
S
$
8
S
$
8
S
ments which properly belong to capital account, but
39,600,000 58,400,000 38,700,000 45,000,000137,700,000 46,500,000 Cr. 265,900,000
the process, is too slow. He therefore offers a plan
The foregoing heavy credits reflect the huge mass which he thinks is simple, feasible, open to no seri
of checks which come to the New York Reserve Bank ous objection, and capable of cutting (or, at least,
from all parts of the country in the operation of of helpfully loosening) the tangled knot into which
the Federal Reserve System’s par collection scheme. the subject of transportation has been brought by
These large credit balances, however, show nothing empirical rather than far-sighted treatment. His
as to the results of the Reserve Bank’s operations manner of putting his view of the obligation and
with the Clearing House institutions. They repre
the economic necessities of the case is admirable.
sent only one side of the account, as checks drawn He sees “ a moral and contractual obligation,” and
upon the Reserve Bank itself are presented directly
he puts the cogency of the economic obligation thus:
to the bank and never go through the Clearing
“ Railway solvency and efficiency are essential to
House.
our healthful industrial, commercial and agricul
tural life; everything hinges on transportation.”
The following table indicates the amount of bul We do not suppose that Mr. Harding, although him
lion in the principal European banks:
self a journalist and aware that words may have life
and that a phrase which compacts a vital truth may
July 28 1921.
July 29 1920.
Banks of —
have a “burning” power, spent time in constructing
Silver.
Gold.
Toted.
Gold.
Silver.
Total.
this epigram about transportation, yet he has pro
£
£
£
£
£
£
England . _ 128,370.063
128,370.063 123,234,383
123,2343,83
duced one which ought to live and to stir the slug
France a__ 142.90S.34S 11.000,666 153,908,348 144,435,862 9,880.666 154,3158.62
Germany _ 54,577,200
572,250 55,149,450 54,581,600
308,750 54.890,350
gish and the selfish. “Everything hinges on trans
Aus.-Hun _ 10.944.000 2.369.000 13.313.000 10.944.000 2.369.000 13.313.000
S p a in ___ 99.610.000 24,823,000 124,433,000 98.101.000 24,332,000 122,433,000
portation!” In truth it does, and every class of
Italy------- 33.141.000 3.001.000 36.142.000 32.191.000 2.999.000 35.190.000
Netherl’ds. 50.497.000
930.000 51.427.000 53.028.000 1.226.000 54.254.000
grumblers and complainers, every “ bloc” of railway
Nat. Belg- 10.662.000 1.559.000 12.221.000 10.659.000 1.055.000 11.714.000
6 witz’ land. 21.768.000 4.429.000 26.197.000 21.525.000 3.566.000 25.091.000
employees, every interest that is demanding a re
Sweden__ 15.630.000
15.630.000 14.513.000
14.513.000
Denmark . 12.642.000
207.000 12.849.000 12.668.000
147,000 12.815.000
duction of rates as the proper remedy, and all per
Norway __ 8,115,000
8,115,000 8,120,000
8,120,000
sons who do not recognize the fact of their own vir
Total week 588,864,611 48,890,250 637,754,861 584,000,845 45.882.750 629,883,595
Frev. week 588,709,309 48,794,400 637.503,709 582,557,697 45.783.750 629,341,447
tual and effectual ownership of the railroads, ought
a Gold holdings of the Bank of France this year are exclusive of £77,934,682
held abroad.
________________________________
to do some thinking over this four-word truth. The
farmers, or some persons claiming to speak for them,
THE PRESIDENT’S RAILROAD MESSAGE— talk of reduction of rates, and even of a repeal of j
“ EVERYTHING HINGES ON TRANS
the alleged “ guarantee” in the Act of 1920; but such
PORTATION.”
a course as these views indicate would resemble at
Surveying the field of transportation, two months tempting to repair a building by undermining its
ago, Mr. Rea of the Pennsylvania declared his con foundations. “ Everything depends on transporta
viction that “ this question of under-maintenance is tion” ; moreover, and as an inseparable corollary
a live one, and, together with the failure to fund all and consequence, everybody is concerned in trans
capital expenditures and the delay in settlements portation, whether he knows the fact or not. The
for the guarantee period, is at the root of the weak roads are everybody’s property—this is the simple
ness of railway credit, because depriving the roads fact which, almost more than any other at the pres
of the ready cash to meet current requirements and ent time, needs impressing upon the people of this

J uly 30 1921.]

THE CHRONICLE

country. It needs to be reiterated until it is driven
so far into people’s beads that no preaching of eco
nomic falsehoods and no impulses of escape from
present privations can pull it out. The real ques
tion now is, not “how can we compel these monopo
listic corporations to serve us more faithfully and
tax us less for doing it,” but “ how can we put these
indispensable tools of ours into better working
shape” ; it is because this is the real question that
the adjustment of the obligations to and from the
roads stands on a footing distinct from that of ordi
nary business transactions. If every person who
dares or troubles to do any thinking for himself
(and the railway brotherhoods need not be excluded
from this classification) would only stop viewing
the railroads as huge structures which belong to an
indefinite and invulnerable “ somebody” who is ca
pable of self-preservation and does not need careful
treatment, and would realize that the roads are his
—exactly his, in the effectual sense—-and that it
ought to be a concern of his how they can be so
helped that they in turn can and will help him—
then the problem would be greatly advanced towards
a sound and speedy settlement. Then we should not
be told, for example, as one Washington correspond
ent reported on Wednesday, even after the chorus
of approval which seemed to follow the President’s
message, that “ the railroad debt-funding bill, it
was said, was regarded as not of immediate neces
sity and could go over until after the recess,” leav
ing us in doubt whether that means until the regu
lar session or only until after the summer rest, which
has not yet been definitely proposed.

THE COMING PEACE CONFERENCE.
There are several attitudes of approach to the
Disarmament problem. These may be defined as
governmental, social, militaristic, civic, economic,
moral. For we must recognize that while disarma
ment is only a part of the peace problem, it involves
all these attitudes. A mere “ step in the right direc
tion” ought not to be undertaken without contem
plation of the destination sought. It is possible to
so consider disarmament as to emphasize the pres
ence and need of militarism in the world. It is
possible to so confine the consideration of disarma
ment to the rights, powers and conditions of Gov
ernments as that the will of peoples, their patent
unified desire, will be ignored. It will be easy to
forget the moral side altogether. And there will
never be a disarmament that is progressively effec
tive for peace based wholly on mathematical calcu
lations of existing military force.
We hail the inclusion of the Eastern problem in
principle as well advised. It broadens the scope of
the conference. It introduces the elements of peace
not found in the mere question of proportionate or
gradual disarmament. We would hail a still broad
er conception of the task which might include the
morals of peace; that the world might be impressed
anew with the lessons of the late war. But we are
not unmindful of the danger in details. We would
hang one motto upon the walls of the council cham
ber, an old one to American thought, a simple one
to world understanding, and it would be—In all
that you do show a “ decent respect for the opinions
of numkind” ! For now, we hold, there is in this
matter but one opinion (exceptions of individuals
and possibly Governments only proving the rule)

4 57

and that is that war is the greatest evil and folly
known to man. With this ever in the mind of the
conferees it must appear that details, and divisions
thereon, should not obscure or divert the reason for
disarmament, and that, the establishment of ulti
mate peace.
It is true that a mere physical phase intrudes.
The largest actual disarmament means the largest
inability for immediate war. But the decision of
the conference must brush aside many of the physi
cal aspects if it is to feel the moral ones. There must
be some so-called risk taken by every Government
if the peoples are to be satisfied or even benefited
by the result. By way of illustration—-France must
relinquish somewhat of its need for a strong army,
England somewhat of its belief in the need of the
most powerful navy—if the work is to have favor
able appraisal. The conference in its representa
tive capacity must listen to the voice of sentiment
and reason as well as that of Governmental rights.
Too rigid an adherence to proportions founded on
present war bases, and at the instance of national
fear, will destroy the “good-will” that should thrill
through every act and resolution. The Conference
should know that the peoples of the world are will
ing to trust one another—if not fully, then with an
ever-increasing affection. The new emphasis placed
upon “ democracy” by the form of new States de
clares that all the world is a unit. All wars are
fratricidal; all peace is brotherly love. Govern
ments more than peoples are doubtful and jealous
of each other. Governments through their own
powers declare war, not peoples in their collective
capacities. These old truths should give to confer
ees confidence that they are representatives of peo
ples as well as Governments. They can “ give and
take,” they can accentuate faith, they can minimize
fear!
There will be many conflicting currents that must
be reconciled. For instance, the economics of .taxa
tion would suggest that those peoples and countries
most heavily burdened should have relief from a
military maintenance at a disproportionate ratio to
the seeming need of military strength. On the con
trary, peoples long dependent on militarism, long
impressed with its pomp and glory, might properly
be asked to yield a larger degree of the physical
power of preparedness. We do not intimate that
direct response will or can be made by the present
conference. But the influence of the feeling may
appear. In some way the social problem should he
present. The word is vague of meaning. But in
some way, we know not how, if we may suggest by
an example, it should appear in all the deliberations
that war is a common enemy—that it is as harmful
to the domestic life of Japan, of Great Britain, of
the United States and China, as if they all possessed
the same form of government. We are not unmind
ful that the Conference, and its immediate work,
concerns a limited number of countries. But the
reason involved in the conclusions and pronounce
ments, and the effect thereof, should be such as to
guide all nations, great or small.
It would be far better, if we could conceive of all
States of the world, and all peoples, as ready, that
the Conference be one to consider total disarma
ment. Sometimes we think if it were one truly rep
resentative of the common opinion of all peoples
the world at large is ready. But it is not such a
conference, and the Governments of the world

tilo 8

THE CHRONICLE

democratically representative or other, are not
ready. Anti in the present effort peoples, even of
those engaged, are not directly represented. These
Governments are the most powerful ones. They are
selfish, as well as jealous. They are eager for “ for
eign trade,” and ask for a certain military force as
protection. If in this they ignore the causes
of war; if they, through their empowered conferees,
demand (iovernmental rights based on greed to ob
tain the world’s resources and the freedom of the
ports of exchange, then they will disregard the pub
lic opinion now a unit for peace, and they will in
troduce discord into the base for “ proportional”
disarmament, the peace-cause of disarmament which
must disregard details, which must espouse trust
and exercise fear.
To attempt condensation of our thought into one
statement the coming Conference must ever keep
peace in the mind and not war-lasting peace and not
possible future wars. Splitting hairs over the num
ber of ships and their size, over the relations of un
dersea, surface, and air planes of war to each other,
over the size of standing armies, either as to domes
tic police forces or protection from invasion, will
introduce confusion long drawn out.
There is
therefore, even in the field of the present limited
Conference, an opportunity for those engaged to
exhibit the spirit of sacrifice; there is opportunity
for a single great Power to set an example in re
nunciation that will light the world, and lead it to
complete disarmament and righteous peace!
MONETARY REFORM— THE “FICTIVE UNIT."
There is always something ominous in the sound
of these words. It suggests theories, old and new,
that are born of ambition rather than experience.
Because banks are the custodians and handlers of
money they are erroneously held to have some con
trol over its nature and volume. Because Govern
ments exercise the power, as a convenience, of de
claring a “ legal tender,” Governments are errone
ously believed to make money.
Whereas, on the
contrary, banks are dealers in credits; and Govern
ments perform a free service in coinage. As mat
ters stand to-day in the world of trade, there is but
one money (of final redemption) and that by com
mon consent, wrought out of long experience, is
Gold. All else, in the field of real money, is either
a substitute, an auxiliary, or a pure credit.
The disordered exchanges and inflated currencies
of the European States are each the result of war.
With the “ Gold Standard” in almost universal use
before the war the interchangeability of the coins
and currencies of these States was assured on a
common basis. The “ Gold Standard” being an es
tablished fact there was a common “ measure” of
values acceptable to all. Currencies were written
in the coinage terms of the various countries— and
so far the currencies were easily convertible, be
cause gold was sufficiently distributed to serve the
purposes of international trade. But, due to war,
the gold base shifted rapidly, in fact; and the cur
rencies increased so rapidly in amount that though
named in the coinage denominator of gold, they be
came in reality the “ uncovered” credits of Govern
ments and government banks. Our own coinage and
currency remained upon an even keel. We put out
tremendous issues of Federal Reserve notes, but
were able to maintain their convertibility into gold,
because of the tremendous influx of the metal, owing

[V ol. 113.

to the fact that because of the war the whole world
has become indebted to us.
It is natural, perhaps, that this condition should
give rise to a desire for some form of world-money
—a world-unit, that, while it could not control the
course of exchange, which is a more or less direct
result of the volume of trade, still would render
more equable the convertibility of the various coin
ages and currencies—and in doing this remove that
part of the uncertainty in computing or naming
commodity values now due to unstable currencies
in their attempt to function in a violently distorted
world-trade. The result is that domestic “ money,”
so-called in many foreign countries, has become sep
arated from world-money, namely from gold. It is
no longer based on gold. Owing to colossal, almost
inestimable, debts, that can only be paid in laborgoods, debts that eat into the very resources of these
countries, these credit-moneys are impaired and de
based, even in their domestic usage. Some say that,
in these countries, submerged thus in debased credit
currencies and drained of actual gold, the “Gold
Standard” has broken down. This is not correct.
There is no other “ standard” in the world to-day—
and it functions fully—all of these foreign-born
credit-currencies having destroyed themselves
through over-issues. Out* own is at par, possessing
all convertibility in domestic use as before the war,
while with us the “ Gold Standard” stands—and due
to the causes cited before. Does it not appear, then,
that what the world needs is not a new standard, or
world-unit of money, but a return of these foreign
domestic currencies by liquidation to the “ Gold
Standard” that was sufficient for every need before
the wrar?
Two ideas have recently been put before our own
people relating to this vast problem. One is the
creation of a “ fictive unit of account,” for use in
what amounts practically to barter, this unit to be
the creature of associated Governments for usage
by international banks. The other is an interna
tional bank, with power to issue an international
currency receivable uniformly in exchange every
where. Still another “plan” proposed is some man
ner of enlargement of the principle upon which our
Federal Reserve System is founded. We attempt
no comment upon these proposals at this time. Our
Federal Reserve System was the result of long in
vestigation and self-education, and is itself yet in
the stages of experiment. Longer time, more inten
sive study of the problem, a common fund of good
will to work upon, and more than all a readjustment
of debts, credits and currencies first, so that there
may be a level on which to proceed, would seem to
be imperative. Although there are close relations
between the two, this “ world-money” problem is not
the “ world-trade” problem. And long before the
former is worked out, we expect to see the seas fill
with ships and trade itself become the precursor of,
and helper to, a correct solution. Haste in such a
matter is intolerable. And wisdom, however sage,
cannot ignore the experience that through longdecades built up what is termed the “ Gold Stand
ard.” Experiments with arbitrary, or changing, or
“ fictive” units, experiments upon the part of Gov
ernments, either as operators or sponsors of “ inter
national” banks, or through their own independent
powers as Governments, are to be viewed with
alarm, pending general liquidation, and pending
the possession of hard-earned knowledge.

J uly 30 1921.]

THE CHRONICLE

THE LAW OF “ SELF-DETERMINATION” —
IDAHO AND IRELAND.
As a people we hold, of right eternal, the principle
of government by consent of the governed. Yet the
territorial surface of the earth is a medley of na
tions and divisional States for which there is no
explanation save military force and mere chance.
We may and do dismiss the former, theoretically,
as a rational and righteous law of Governmental
being. But the method under “ consent of the gov
erned,” for resolving this “ terrestrial ball” into
“independent” constituent States, either “ sovereign”
or subdivisional, States that are integral, self-sus
taining and harmonious, has not been revealed.
And when we talk, with a satisfied ease, about a
“new world,” and a “new era,” we forget that these
terms imply a readjustment of Governmental boun
daries throughout the whole earthly realm. Remov
ing force as a factor in self-determination, how may
and how shall this be accomplished?
We have two examples of this high endeavor now
before us—in far separated longitudes. Out in
Idaho, as we are wont to say on the Atlantic Coast,
there is a proposal to divide the State. This is a
small State of our Union, as Western States are
constituted, though larger than others on the East
ern seaboard. It is alleged that, owing to the physi
cal configuration embraced in the territory of the
State, two sections exist, which have little in com
mon in commercial intercourse, which tend thus
away from each other, and that there are two “ com
munities” that have separate, though not particu
larly conflicting, “ interests.” We are not here con
cerned with the facts in the case—we merely intro
duce the proposal as an instance, shall we say, of
progression in the principle of self-determination.
We turn our eyes eastward, across the seas, and
the age-old “fight” of Ireland, an island of the sea,
for self-government through self-determination is
before us. There is a way inside the confines of
the United States for a peaceful change of State
boundaries, and it is consonant with “ Government
by consent of the governed,” through mutual agree
ment as that is provided by expression of majority
rule in the respective territories concerned. Is it
too strong a statement to say that no such method
exists in the imperial domain of English worldState? After centuries of revolution in thought
and deed there seems now a happy prospect of a
dominion form of government, dual assemblies, and
a coalition council. A truce is declared, and some
thing like a treaty may follow, in itself a quasi-ad
mission of sovereignty.
This is a rather free expression of the situation,
but let it stand for our present purpose. Is there
any parallel between the division of Idaho and the
separation of Ireland from Imperial domination,
even under this partial plan ? If Idaho may “ divide”
peacefully, may not every other State of the Union
do so by like methods? We look along the Missis
sippi and we discover a natural highway as a divi
sional line. Yet our progress has ever been west
ward along parallels of latitude and followed by
transcontinental railroads in the same direction.
Settlement first along the Eastern coast in an inde
finable way exerted an original impulse, we may
conclude, upon the size and shape of our States.
Soon our population will be, comparatively, at
least, equally distributed. In view of this condition,

459

are we to expect that readjustment of State boun
daries will grow, that other States will divide? And
can we conceive of this taking place without some
change in our national power as it relates to our
domestic future? Ilow far may self-determination
of these lesser Governments go without affecting
the Union? And when may or should the applica
tion of the principle stop?
Such is not the situation, not the means, nor quite
the principle involved, in the separation of Ireland
from English rule. Ireland is an island— in itself
contiguous territory, though now rent asunder by
two discordant communities. Ireland is also a mili
tary outpost, believed, at least, necessary to the
safety of England. It has not been able to secure
the “government by consent” through evocation of
flhe principle of self-determination. Perhaps it
boots not to inquire whether or not this is because
Pharoah’s heart has been “ hardened”—but the tre
mendous fact appears that in the world-readjust
ment under the spur of self-determination, the new
ideal promising so much, the existing Governments
of an entire world hang in the balance. If we sup
pose a League of Nations, duly empowered and
functioning as a determining power, by ordered
plebiscite or otherwise, setting in motion and duly
arbitrating the changes asked—what then shall be
the law of self-determination? Even if we conceive
it possible for the physical condition of self-suste
nance to be a primal factor in the realignment of
boundaries, there yet remains acceptance of one
uniform form of Government for the new States or
nations and their subdivisions, and the creation of
this is a matter also of political self-determination.
What can be the final arbiter but progress-—
progress in which theory and fact find constant ac
cord. We cannot “ rush” the theory into fact with
out constant turmoil. And there is a political sig
nificance to the question of “whether ’tis better to
suffer [bear] those ills we have than fly to others we
know not of” ? Does the world want peace now? Does
humanity demand a resting-place, a breathingspace, whence mankind may go forward? A little
thing it may be to divide the State of Idaho, or the
State of California, or make a separate State out ot
New York City; it would be a calamity if this be
came the fashion. Ireland may accept the prof
fered partial release, or may not, it engages the
world’s sympathy in its own case, and by reason as
well of the principle of self-determination, but when,
under this super-freedom, will torn Europe ever
stop dividing? If so-called free Governments were
less autocratic in the matter of personal and prop
erty restrictive laws, might not the “ ills we have”
be more easily borne?
A NEW APPRAISING OF HUMAN ACTIVITIES
AND SOCIAL VALUES.
Perplexed men care little for theories of recon
struction and distrust reforms and remedies, the
chief feature of which is their simplicity. Never
theless when in a time of such disturbance and un
rest as prevail to-day we have pointed out to us
methods of relief which are based on careful study
of the situation expressed with simplicity and in
telligibility, especially when connected with the pos
sibility of general application, they ought to com
mand respect, even though, when duly considered,
they may appear so obvious as to invite a comment
similar to that which followed the elaborate pre

460

THE CHRONICLE

[ V ol. 113.

scription of the great Scotch doctor. His patient interest, if he believes that increased production
read it slowly and then exclaimed: “ Why, doctor, means only greater profit for men for whom he has
that means only ‘Take a bath!’ ” and he replied: acquired a new and keen disrespect.
“ Yes, madam, it is open to that objection.”
Our author, who is a student of history, and has
Nothing could be simpler or more certainly true served on a Government Industrial Commission,
than the suggestion that the application of service finds in this overthrow of an established and com
as the universal test to the question of rights and placent Individualism pervading modern society,
of human relations generally, would solve most of which the war has wrought, the underlying cause of
our difficulties, as that suggestion is presented in a most of the disturbance, the strikes and indiffer
recent book* by R. H. Tawney, an English economic ence and carelessness in so much work of every kind,
authority.
and in the settlements which fail to bring better
He calls attention to the completeness of the conditions.
social change produced by the way in which the de
The strength of his position lies in the fact that
velopment of machinery in the last half of the 18th in the recognition of this newly taught conception
century and in the 19th, displaced the State, as the is to be sought the remedy for the present ills. This
State had previously superseded the Church, as the means that no remedy can be found apart from a
aim and object of human activity.
change of vieAV in society itself. “ Rights” must give
This created the individualism which has since place to “ Service.” “ Function” must be accepted as
become controlling in modern society. In it lies the measure of value. When any possession is made
the foundation of the prevailing conceptions both of to contribute to the well-being of the community
property and personal obligations. The phrases, according to the measure of its possibilities, or
“ Deutschland ueber Alles,” “ America first,” “ We where any work, however humble, is recognized as
first,” “ Living my own life,” and “ Doing what I will contributing to others’ comfort or life, the owner of
with my own,” however they as slogans may be the possession finds a new joy in it, and the work
stretched under the pressure of circumstances, all man gains a new self-respect; both have made-con
rest upon a conception of rights that begins and ends tribution to the well-being of the community of
in the individual. Demands coming from without which they are themselves a part. They recognize
are secondary, and only become in any sense obli that they are recipients as well as contributers in
gatory as they are voluntarily accepted, or are that general well-being. Then arise everywhere a
shown to be related to the interests of the individual sense of solidarity, and that local pride, community
or the group.
interest and national patriotism, which are not in
Over against this great change in the view taken consistent with the pride of the workman in his
of human life and obligation, which may be regard work, or the professional man in his profession,
ed as starting with the Reformation, and having its which is the inspiration and the joy of so much of
justification in the philosophy and economics of the the best work in life.
early 19th century, our author would set human so
A new espirit de corps, a new pleasure in the
ciety as the purpose and goal of human activity; and bond with those who have shared our service, a
its welfare above that of the individual, when these new sense of companionship with fellow-students,
are opposed, as the measure and test of duty.
a new interest in one’s neighbors and fellow-citizens,
With this conception, “ Functions” supersede are features already noted as marking the life of
“ Rights.” As expressing life and activity, they as the country to-day.
sign the individual his place and define his duty and
While pressing his main conception that prop
his worth. Whether men were aware of it or not, erty and economic thought exist for society, and
this view of life sprang into men’s minds and found society does not exist for them; and that the
expression in the war. It is to be traced in two di meaning of Industry is the service of man; our
rections ; and is the real explanation of present con author shows his breadth of view and his reason
ableness when he says that some of the features of
ditions.
As related to the prevalent unrest, when men of modern society which he has discussed, cannot be
every class were challenged to offer their lives, if found in all forms of industry; different groups are
need be, for the benefit or the defense of others, at variously influenced. They vary with the training,
once they gained a new conception of their own ser the organization of the industry, and the mental
vice to the world,, coupled with a quick antagonism and moral grade of the fellow workers. But there
to those who held themselves aloof and refused the are certain general truths based on human nature.
service. When the war passed they had acquired a All rights are conditional and derivative, because
new consciousness of power and of worth, with new all power should be conditional and derivative.
views of the relation of Labor to Capital, a new dis They are derived from the end or purpose of the
respect for all above them as employers or posses society in which they exist. They are conditional
sors of wealth, or in positions of public office or upon being used to contribute to that end. Men
social distinction, who by their self-centred lives, thus become trustees for the discharge of functions,
their extravagance, their lack of integrity and their and the instruments of a social purpose.
greed, or their loose-living, show that they think
Change of system cannot remove all causes of
only of themselves.
disturbance; it can create conditions in which a
With such an impressive and revolutionary teach better status is possible. It can change men’s
er as the war has been, even when men have not been minds, giving new thoughts and ideals, with clear
fully aware of the meaning of the new teaching, it views of the aim and purpose of the work. Issues
cannot be thought strange if Labor in the person of which are insoluble when treated on the basis of
any man working for others, is not made content rights may be found susceptible of reasonable treat
by bettered conditions of work and living, or larger ment when tried by the principle of purpose. That
wages, or bonuses, and does not work with quickened divides what is worth doing from what is not: it
*The A c q u isitiv e S o c ie ty. R. H. Tawney. Harcourt, Brace supplies a common end to which efforts may be

& Howe, New York.

Jul's SO 1921.]

THE CHRONICLE

401

and 44% ol the total, leaving 12.12% for overhead
expenses and profit.
The high wage scale accompanies a decrease in
efficiency and accomplishment, and if may even be
said to produce that decrease, for in the industrial
field there is the paradox that, in times of inflation
at least, the more is paid for labor the less it yields
for its wage. An inquiry by a committee of the
Cleveland Chamber of Commerce in the summer of
last year declared that under-production by building
labor in that city was "a well-defined fact,” and
that, as compared with 1914, the average building
craftsman in the summer of 1920 "produced twothirds as much work and received twice as much
pay ; based on this estimate, unit building labor costs
increased 200% in this interval.” Some citations by
this Cleveland report of union rules support this
conclusion as well as explain it. Notwithstanding a
three-year general agreement between the Building
Trades Employers’ Association and the Building
Trades Council contains the refreshingly sensible
provision that "there shall be no limitation to the
amount of work a man shall perform during the
working day,” the committee believe limitation is
systematically accomplished by the unions, which
customarily designate one member on each job as "the
job steward,” whose part it is to enforce union rules,
report violations, and see that the "fast” men do
not accomplish more work than the lumpishly slow.
Some of the "rules” show a clever knowledge of the
relation of cause to effect, as, for instance, certain
sizes of iron pipe must be cut and threaded "on the
job,” instead of being done in quantities in the shop,
at a saving; door-fitting machines and time clocks
are forbidden; all lead work to be installed by journey
men plumbers must be prepared and wiped by mem
THE HOUSING PROBLEM AND THE LABOR bers of Local No. 55 "on the job” ; no painter or
SITUATION.
decorator may use a brush over \}/i inches wide in
The shortage of housing space is, of course, the oil; no member of a local union shall receive any
result of a number of causes, prominent among them time cards or checks.
Substantially the sgme condition exists in other
being the direct demand by Government for materials
ordinarily used in building construction, the increased cities. Here, according to the annual report made
trend to the cities induced by the call for labor there some six weeks ago by the head of the City & Subur
at abnormal wages, the great decline in housing ban Homes Co., there are many people who have
supply because materials and labor were so impelled saved a few thousands which they might and would
in other directions, and unfavorable inlluences upon use to obtain homes built for them on an easythe mortgage loan market for reasons quite other payment plan, but the cost of providing those is now
than the rapacity of which Mr. Untermyer has been prohibitive. There is a market for a $6,500 house,
trying to convict lenders. But probably the most but at $5,500, $4,500 and $3,500 the waiting market
potent of all causes has been (and still is) the high is progressively larger, and if the building costs could
labor scale and the resistance of labor to accepting be "geared to” the $3,500 house, the number pro
the inevitable; while ready to swell the outcry which duced would be so large "that rents throughout the
produced the anti-landlord laws, labor has folded its entire city would fall and labor would benefit along
arms and refused to yield anything, not having even with the general public.” Before the warj continues
enough initiative to get together and build houses this report, bricklayers used to lay 1,500 to 2,000
bricks a day, but the average in one particular build
for itself.
A bureau of the Merchants’ Association gives as ing, last summer, was only 600 to 1,000; other trades
the trouble with the building industry the "high showed a like falling-off, so that when builders had
cost of building materials and high wages.” The finished they found the cost 2p£ times that in 1914.
material cost is still 102% higher than in 1913, A very large industrial interest whose members felt
according to Government figures of last May, against concerned about the housing problem for its em
an average increase in the same time of only 51% in ployees asked bids for several millions’ worth of
commodities generally. Wages in the building in walk-up tenements, and one of the largest construc
dustry are 91% higher in this city than in 1913, and tion companies estimated the cost, in May of last
the Association’s report estimates them as from 35% year, as 63 cents per cubic foot of space, against a
to 50% of the cost of building, which is probably a pre-war cost of less than 20 cents. This report
reasonable estimate of costs outside of material; ac quoted with approval an expert opinion that an 80%
cording to a recent analysis in case of seven buildings increase over pre-war rents is necessary to maintain
representing distinct types of construction, the costs the pre-war return, one-half of this increase being in
of materials and labor were, respectively, 44.88% operation and maintenance. A table of those ex-

directed, thus promoting unity of interest; and it
fixes a basis of remuneration not in what a man may
snatch for himself, but upon what is appropriate
to the service he has rendered.
It establishes also a scale of moral values. It
assigns to economic activity its proper place as the
servant, not the master of society. The burden of
civilization to-day is not merely, as many suppose,
that the product of industry is ill-distributed, or
its conduct tyrannical, or its operation interrupted
by embittered disagreements. It is that industry
itself has come to hold a position of exclusive pre
dominance among human interests, which no single
interest, and least of all the provision of the
material means of existence, is fit to occupy.
Society must re-arrange its scale of values. It must
regard economic interests as one element in life,
not as the whole of life. It must persuade its
members to renounce the opportunity of gains
which accrue without any corresponding service,
because the struggle for them keeps the whole com
munity in a fever. It must so organize- industry
that the instrumental character of economic ac
tivity is emphasized by its subordination to the
social purpose for which it is carried on.
It will be recognized that a book in which the
author carries his single thought calmly and care
fully to the conclusion Ave have recorded, is sure
to contain much valuable matter which cannot be
introduced in a newspaper article, and, whatever
may be thought of incidental statements, will prove
to be exceptionally illuminating and suggestive.
It has already found its way into the colleges
and is likely to have a wide influence.

403

THE CHRONICLE

penses is given for 1920 and 1916, in case of two large
apartments of this company, occupied by negroes;
the total of operating expenses and interest was
$33,112 in 1920, against $19,705 in 1916.
Labor pleads, continues this report, that if it
finds inability to pay present rents out of present
wages it would be worse off at a lower wage scale;
but the fact is that rents are at one with all else in
depending on supply and demand, and if more houses
were produced ail rents would have to fall. During
the last few weeks there has been an endeavor to
bring to bear on the building trades workers a little
combined reason and enlightened selfishness, but so
far without effect. Last year, a wage agreement was
in force, to run to the year’s end; but while it was still
running the employers granted an increase of a
dollar a day, in concession to the familiar plea of
high living costs. A large trading concern in Brock
ton, Mass., has placed in its windows, as a suggestive
exhibit, two groups of two dozen of the most ordin
ary articles of food, the quantities beginning with
100 lbs. of sugar and being the same in each group;
in one group each article is ticketed with its cost in
last June, and in the other is shown the price in
June of last year; the totals are, respectively, $22 10
and $51 59, a decline of about 57% in a single year.
Therefore, there is reason in the contention of the
employers that inasmuch as they granted another
dollar a day during the existence of a contract, it is
only a fair turnabout to take this dollar off during
the existence of the contract; having been conceded
because of living costs, it ought to be conceded back
again because those costs have declined. But the
men refuse to admit that a just rule operates in both
directions, some of them consenting while others
stand out; partial consents have been given and with
drawn, conferences have been held and invitations
to confer have been given and refused, and as no
progress had been made the employers have wearied
into consenting that no change shall be insisted on
for this year. The governing officers of the Building
Trades Association met on Wednesday and decided
that while nothing more can be done at present, the
subject is not dropped, but the men should realize
and remember that most work now going on is on the
cheaper grade of houses, and after that ceases, as it
soon must, there will be nothing ready to take its
place, so that the answer to the refusal to meet the
situation will be a situation less agreeable, being the
unemployment which waits upon resistance to
natural laws.
The point of resistance among the men is not so
much in a dulness which cannot see the reason of a
case as in an unwillingness to see and to act according
to seeing. As in all fields of unionized labor, these
men want the benefit of increasing size of the dollar
through lowering prices and want to retain the
number of their dollars un'diminished; some see the
natural impossibility of this, inasmuch as the de
crease in number of wage dollars is the largest cause
of.increase in their size, but some are still too dull to
see, while many others do see yet imagine that if
they plant their feet obstinately enough and hold
out!long enough they may win on both size and
number, getting this victory at the expense of some
body else, and not caring who the somebody shall be.
There is something to be said on this position, as
there_ is for the contestant who wants the oyster
while others get the shells, that something being that
he wants it because he wants it and imagines he can

[V ol. 113.

get it. He’ strugglesJto'That end, meanwhile hurting
everybody, and he does not always and promptly
realize that he is himself among those who are hurt.
As for the housing trouble, few of us have all the
space we want and could comfortably use, and at
prices which do not cause us perplexity and pain;
but we shall not have better conditions until people
move from instead of to the cities, or until the aggre
gate of housing space increases. We are not likely,
under the power of irrepealable natural laws, to get
the latter by shouting batches of anti-owner bills
through a legislature that yields to clamor what it
does not understand, nor will it help us to denounce
owners of loanable funds or custodians of trust funds
as insatiable cormorants. That no man can be
compelled to work or have his wage rate prescribed
for him by any law made by the public is the very
sine qua non of combative unionism, which finds,
however, no difficulty in laying down that the uses
and the yield of labor in the saved-up form we call
capital may be regulated by law, and regulated to
anything short of the vanishing point. So we go
along in the vain attempt to make statute law
“down” natural law and hold it down. This cannot
be done, and while we try to do it we waste time, lose
opportunity, and hurt ourselves, the foolishly-selfish
labor that is the worst retardant being included
among “ ourselves.”
An argument, or a fixed law, is like a gun, in that
it is a matter of much consequence to each individual
whether he is behind the breech of the gun or before
the muzzle. What is eminently fair for you, in a
given situation, is very different for me if in the same
situation; so unionized labor tries to maintain,
though it sees the contrary. It is exasperatingly
foolish and irrational, yet we may better refuse to be
exasperated. For human nature is human nature,
and there is not one of us but would like to hold his
wage rate or even have it boosted somewhat, in the
face of the falling commodity prices which make us
smile internally; there are few of us so insistent on
keeping step with consistency and with fairness to
others that we would resist the temptation to try,
at least, to accomplish this result (impossible, of
course, in general, but temporarily possible on some
very narrow scale) if we might do it by activity with
voice or obstinacy in digging the heel into the gound.
So let us try to keep calmness and exercise forbear
ance and patience, while awaiting the slow but
irresistible grind of logic which events apply to all
problems.
And while doing this, it will still be well and be a
part of enlightened selfishness for all employers,
small and large, to act on the “ Chronicle’s” repeated
counsel to meet their employees, on the common
ground of man to man, and urge upon them that
differences and quarreling always make situations
worse; that the sensible course is to look for (and, by
the very act of looking, to make) points of agree
ments; and that we shall best beat our troubles and
problems by unitedly fighting them, not one another.
SUGGESTS

T H E G A S O L IN E E N G I N E
TO
T R A C T IO N C O M P A N IE S .
Norfolk,
July
To the Editor of the Financial Chronicle-.
Sir

THE

Fa,,
23 1921.
.—A tremendous problem is facing the management of
street ear corporations in which millions of dollars have been
invested.
The securities of this olass of companies have been regarded
as among the safest. In previous times of business depres
sion, their revenues were maintained and even increased.

J uly 30 1921.]

THE CHRONICLE

‘People will ride. Thoy don’ t fool the expense. They
have the habit.”
____
And tho habit included the! ‘nickel” fare for all distances.
To-day we see these corporations asking, and in ' most
cases receiving, an additional fare. In most places seven
cents. In some, as in Boston, ton cents.
New York is about tho only place on tho map where you
can still ride for from one to fifty miles for fivo cents.
Tho result in many cities, has been the now competition
of the nickel or “ jitney” bus.
This city, with its well arranged street car service, is
confronted with such a competition, and evidently to tho
financial injury of the eloctric lines. Thoy have posted in
all their cars a pathetic appeal in large typo asking tho riding
public, “ Does the Jitney serve you?” and tolling thenpatrons that the taking of traffic by the jitneys has made it
more expensive to run the street cars, and is the reason for
the seven cent fare.
It is surprising to mo, though not an owner of securities
of this character, that tho electric traction companies should
have been so shortsighted and let this business “ get away”
from them. The change cannot be checked by appeals that
are far from the point and are in fact advertising their own
disadvantage.
The gasoline engine has brought many changes in evei-yday life, and will bring more. One thing it has brought is
a smooth street sxirface which is in the favor of the “ nickel
bus.”
Looked at with a wide outlook from a new viewpoint,
is it not the case that the electric street car with its expensive
road bed and its fixed power plant is becoming a back number
and will sooner or later be obsolete?
If this is to be the case the sooner the leading managers
of these corpox-ations get together and face the issue, the more
they will save out of their investments.
A car lighter than those in current use, driven by an
internal combustion engine, would seem to be the first
natural development.
These of course would use the tracks and hold the fran
chises, where these remained of value.
It would soon come to pass that other routes would be more
desirable and available and many of the old ones would be
abandoned as has been the case with street car lines in New
York City.
One imagines a handsome, roomy, easily entex-ed car,
traveling on wood or asphalt, stopping at the curb on
popular routes with no extra call on the power house during
the “ rush hours.”
And one might easily conclude that the noisy, heavy,
clumsy street cars of to-day, bound to their limited lines of
tracks, sooner or later “ must go.”
And the wise ones will be those who anticipate the change
and not wait to be wiped out as some holders of New York
street ear stocks have been.
Respectfully,

JOSEPH DREXEL HOLMES.

THE NEW CAPITAL FLOTATIONS FOR JUNE AND
THE HALF YEAR.

463

For the six months to dune 30, while the grand aggregate
of new capital flotations is of large dimensions, neverthe
less tho amount does not come up to that of last year, even
including tho refunding operations, while when these are
eliminated the total falls substantially below the exception
ally large corresponding figures of the previous year. In
cluding refunding, tho new financing for the six months of
1921 foots up $2,028,936,342, against $2,296,958,481 in
the six months of 1920, but comparing with only $1,693,056,802 in the six months of 1919. Eliminating that portion of tho
new financing which represented the retirement in one form
or another of outstanding security issues, the strictly new
demands upon the investment markets for the six months of
1921 are found to have been no more than $1,575,441,412,
against $2,123,822,612 for the six months of 1920, but as
against only $1,424,448,642 in tho corresponding period of
1919. In tho case of corporate financing, the falling off
in tho new capital demands has been very marked, the
amount of this for tho six months of 1921 having been only
$919,656,601, against no less than $1,705,025,663 in the
six months of 1920 and $883,120,063 in the six months of
1919. This is independent of the issues put out to take
up pre-existing obligations of one kind or another, the
amount of which was of exceptional proportions by reason
of the bx-inging out in April of the $230,000,000 Northern
Pacific-Great Northern Joint 6 )4% Convertible bonds,
which was merely a refunding opex-ation, its purpose being
to provide for the taking up of the $215,227,000 4% Chicago
Bxxrlington & Quincy collateral trust bonds, maturing Jxxly 1
1921.
One form of borrowing was on a greatly increased scale,
namely that by municipalities, the amount of this reaching
$457,868,661 in 1921, against $322,661,532 in 1920, and
$315,650,839 in 1919, while the foreign Government loans
placed in this country amoxxnted to $212,500,000, against
$100,000,000 in 1920 and $63,179,000 in 1919.
The fox-eign loans placed hex-e consisted of the $30,000,000
Kingdom of Belgium external loan 20-year 8% sinldng fxxnd
gold bonds, dixe Feb. 1 1941; $15,000,000 Danish consoli
dated municipal loan 25-year 8% sinking fund external
gold bonds, due Feb. 1 1946; $24,000,000 Repixblic of Chile
20-year 8% sinking fund gold bonds, dixe Feb. 1 1941;
$10,000,000 State of San Paixlo sinking fxxnd 8% gold bonds,
due 1936.
This covers the foreign flotations in the fix-st three months
of 1921. In Apx-il no fox-eign issues were floated here. In
May the Government of the French Republic, through a
powex*ful banking syndicate headed by J . P . Morgan & Co.,
broixght out its $100,000,000 20-year 7)4% bonds, these
being offered for subscription at 95 and therefore yielding
8% on the investment. Part of this loan goes to take
care of the $50,000,000 City of Paris bonds maturing Oct. 1.
Besides this, the United States of Brazil in May placed an
issixe of $25,000,000 20-year 8% bonds at 97)4, to yield
8p(% , and Newfoundland negotiated ixx this country
$6,000,000 6)4% bonds, matxxring in 1936. at 93 A , the yield
thus being 7.20%. In June the only fox-eign Government
loan broixght out was the $2,500,000 Dominican Republic
Customs Administration 8% sinking fund gold bonds, due
in 1925. In the six months of 1920 the fox-eign issixes placed
here consisted of $25,000,000 Belgian Government external
gold loan 1-year and 5-year 6% notes; $25,000,000 Kingdom
of Italy Royal Treasury 5-year 6)4% gold bonds, due Feb. 1
1925, and $50,000,000 Belgian Government 25-year external
gold loan 7)4% sinking fund redeemable bonds, due June
1, 1945.

Continuing the practice begun in our issue of Mar. 26, and
kept up regularly since then, of presenting monthly com
pilations showing the new capital flotations in the United
States, we give to-day, in tables further below, the figures
for the month of June and the six months ending with June.
As previously explained, these compilations are intended to
furnish a summary of corporate, municipal and foreign
The following is a three-year summary for Jxxne and the
Government financing as represented by the now stock and
six months:
bond issues brought out each month.
There are no special or distinctive features in connection
S U M M A R Y O F C O R P O R A T E , F O R E IG N G O V E R N M E N T A N D
with the financing for the month of Juno. The appeals to
M U N IC IP A L F IN A N C IN G .
1921.
N ew Capital.
R efunding.
T otal.
the money and investment markets wero on the whole very
June—
s
$
•
$
light, relatively speaking. This is true whether the compari C orp orate_____
27,289,000
88,218,700
son is with last year or with the months of the present year F oreign G overn m en ts
,
2 ,500,900
2,500,000
immediately preceding. The total of the new issues brought Federal L and B a n k ..
W ar F inan ce C o rp o ra tio n .
out ('including $27,430,455 to take up issues previously M unicipa l .
109,811,625
141,455
outstanding) was no more than $200,710,325—which com
do
U . 8 . Possessions
180,000
pares with $375,989,442 in June 1920 (including $18,892,950
T o t a l________
2 7 ,4 3 0 ,4 5 5
200,710,325
for refunding) and $442,910,561 in June 1919 (of which
Six M onths ended June 30—
$54,924,900 for refunding). The offerings on behalf of corpor C orp orate___________ ____________
398,911,080 1,318,567,681
____ 919,656,601
5 0 ,0 0 0 ,0 0 0
212,500.000
ations were only $88,218,700, of which $27,289,000 was for Foreign G o ve rn m e n ts................._
Federal Land Bank
40,000,000
40,000,000
refunding, the largest single offering being the $15,000,000 W ar Finan ce C o r p o ra tio n . .
United Drug Co. convertible 8s at par. In June 1920 tho M unicipal ____ _
4,583,850
454,438,661
do
U. H. Possessions____
3,430,000
____
3,430.000
corporate financing ,Aggregated $280,876,422 and in June
1919 $317,532,100.
T o t a l.......................
..1 ,5 7 5 ,4 4 1 ,4 1 2
453,494,930 2,028,936,342

464

THE CHRONICLE

192(1.
—
Corporate_____________________ ____
I ure gn Governments.
Fedeiai Land Bank
W ar Finance Curpuralion
Municipal _____ . . . .
____
do
U . S Possessions ___
June

N e w C a p ita l.

R e fu n d in g .
i

T o ta l.

S
262,234,572
50.000,000

18,641,850

8
280,876,422
50,000,000

44.861,920

251,100

45,113,020

____________ _ _
- - - - - 357,096,492
30—
Corporate.______ ________ _________ ___ l ,705,025,663
Foreign Governments__
100,000,000
I ederal Land Bank . . . . __ _
........................ —
War Finance Corporation.___
M unicipal__ _________ _______ _____ 318,796,949
do
L S Possessions____

18,892,950

375,989,442

Total— _____

Total______ _______ ___ __________

-2,123,822,612

New Capital.
%
264,654,600
25,000,000

1919.

June—

Corporate_______ _____ ________
Foreign Governments
Federal Land Hank
War Finance Corporation.
Municipal
do
U . S . Possessions
Total___________

S is M o n t h s en d ed J u n e

169,271,286 1,874,296,949
100,000,000
3,864,583
-----------------

[ V ol .

322,661.532

113.

Refunding.
$
52,877.500

Total.
s
317,532,100
25,000,000

98,331,061

2,047.400

100.378,461

387,985,661

54,924,900

442,910,561

Six Months ended June 30—
Corporate__ ________________
Foreign Governments ___
Federal Land Bank .
War Finance Corporation.
Municipal
do
U. S. Possessions-

2od,bbbfo66
296,328,579
10 .0 0 0 . 000

Total___________________ _ _

1.424.448,642

173,135,869 2,296,958,481

883,120,063
35.000. 000

231,106,900 1,114,226,963
63,179.000
28,179,000
2 0 0 ,000,666

9,322,260

305,650.839

10 ,000,000

268,608,160 1,693,056,802

COM PARATIVE ST A T E M E N T OF N EW CAPITAL FLOTATIONS IN T H E U N ITED STATES.

1921.

JUNE.

New Capital.

Refunding.

1920.
New Capital.

Total.

Refunding.

1919.
Total.

New Capital

Refunding.

Total.

Bonds—__
. -.
- - ------------------------------ ----------- -----Public utilities----------Iron, steel, coal, copper, A c ------- — . . . . .
Equipment manufacturers— . - — — . Motors and accessories--------- . ----------other industrial and manufacturing companies
Oil
- - . . - - _____
Land, buildings, Ac - - __ ..
_ R ubber--------- ------- ----------- — __
______
Shipping________________________________ —
Miscellaneous ----------- ----------------------- _____

$8,000,000

Total bonds__________________ __________ _

N otes—
Railroads____ ________
_____ . .
Public utilities______ ________________ ________
Iron, steel, coal, copper, A c__________ _____
Equipment manufacturers— ______ _____
Motors and accessories—
________ _____ _
other industrial and manufacturing companies
Oil ________________________ __________________
Land, buildings, &c__ _____- ___ ____ _ ____
R ubber__ _____ _______ ______
__
____
Shipping____________________ ______
__ __
Miscellaneous _____________ _______ _ _ _.
Total notes__ ________

__________ __

8.01)7,000
4,000,000

a •- *. loo
7,640,000

6,443,000

350,000
12,934,000

2,950,000
8,416,000

3,300,000
21.350,000

12,794,000

$47,803,000

$25,289,000

$73,092,000

$70,606,000

$3,000,000
750,000

$2,000,000

$5,000,000
750,000

825,000,000
6,217,500

15,295,000
3,000,000
2.660,000

5,076,700
3,500,000

5,076,700
3,500,000

$2,000,000 $14,326,700

$300,000

Total stocks_________________________

__

$800,000

Railroads. ________________________ _ ____
______ _____
____
Public utilities
Iron, steel, coal, copper, &c____ __
_____
Equipment manufacturers___________________
Motors and accessories __
__________

$11.000,000
8.757,000
4,000.000

Other industrial and manufacturing companies
O i l ___________________________________________
___
Land, buildings, Ac __ ______ _____

14,228,700
6.500.000
2.660.000

6,443,000

20,671,700
6.500.000
2.660.000

350.000
13.434,000

2.950.000
8.416.000

3.300,000
21,850,000

R ubber__________________ .
Shipping __ ________________
Miscellaneous_____________

________
_____
____
_ _.

Total corporate s e c u r itie s ________ _____

$3,000,000

1,347,500
7,506,000

$300,000

500,000

500,000

$3,010,000

600,000
14,900.000

1,950,000

1,347,500

1.500.000
4.100.000
3,000,000
2,986,000

1.500.000
6.050.000
3,000,000
2.986.000

20,300,000

14,746,500

1,204,500

15,950.000

$25,000,000
9,227,500
2,500,000

2,020,000
7,921,000
355,000

4,456,000

$1,896,000
5,750,000
400,000

7,921,000
355,000
600,000

3,180,000

450.000

3.630.000

S8,979,000

$64,405,000

*55.-120.090

$2,032,650
945,000

S5.044.250

$7,076,900
945,000

$4,215,000
14,000,000

40,497,120
41,251.770
12.797.082
350.000
30 638 600
2.500,000
16.084,450

6,500,000
30,844,200
49,237,500

81,600

44,754,400

$5,125,850 $152,140,922 5167,301,100
S8.054.250

3,081.600

7.506,000

S61,324.500
23,944.400
945.000
2.500.000
41,097,120
58,171,770
20,718,082
2,052,500
30.638,600
3.100.000
36.384,450

1921.
New Capital.

Refunding.

New Capital.

B onds—
Railroads_________ _______
_____ ______ _ $86,189,420 S288,518.5S0 §374,708.000 §120,364,500
____
__
Public utilities
72,534,252
27.6S7.000 170.618.000
142.931.000
Iron, steel, coal, copper, &c_
________
27,516,000
8,287,000
16.940.000
25.227.000
Equipment manufacturers.
__
__ __
2.625,000
6.420.000
6.420.000
Motors and a ccessories,___
______
2,625,000
12,000,000
12,000.000
Other industrial and manufacturing companies 86.215,600
68.936.245
13,519.400
99.735.000
O i l __________ ________________ _ ___ ___ 127.350.000
6,245,000
20.500.000 147.850.000
Land, buildings, &c __
__
_
_
58,799,000
15.805.000
650.000
16.455.000
_ _______
_ .
Rubber
_ ________ . _
100.000
57.500.000
57.500.000
Shipping _______ _
_ _ ________ _ __
9.211.000
2.335.000
2.950.000
5.285.000
Miscellaneous___________ ____ __ _______ __
46,706.000
76.336.000
8.489.000
84.825.000

Refunding.

Total.

SG, 350,000 $173,651,100

62.679.900

3,004,500

65.6S4.400

New Capital.
$45,365,000
88.653,000
35.673.000
2,025,000
3,381.000
18,073.000
36,650,000
25,591.000
2,905,000
24.04S.300

$50,924,000 *511.282,500

$52,877,500 $317,532,100

$46,406,000
35,517,600
7,460.000
550.000
3.650.000
28.4S0.000
45.300.000
1.200.000

Refunding.
$37,196,000
46,944.000
4.627,000
919,000
2,922,000

1.204,500

$82,561,000
135,597.000
40.300.000
2.025.000
4.300.000
20,995,000
36,650.000
25,591.000
2,905.000
25,252,800

$93,812,500 §376,176,800
$31,750,000
73.254,600

16.500.000

.

1 000,000

36.767,000

Total.

450.000

S7S,156.000
108,772,200
7.460,000
550.000
3.650.000
44.980,000
45.300.000
1,200,000
1.000,000
37,217.000

-206,330.600 $121,954,600 §328.285.200
S16.490.C00
24.700.000

830,922,740
42,520,850

$16,490,000
24.700,000

109.450.245
329,977,299
215,005,772
11,116,047
49.23S.000
1-1.603,600
61,230.396

71.400.000
102,983.650
103.253,613
1,500.000
19. S40,900

$5,000,000
4.136,800
4,513,000

76.400,000
107.120,450
107,766,613

210,000

20,050,000

54.257,900

1,450.000

55,737.900

835.060,2SS 5S64.065.449

•394.425.163

$15,339,800 '409,764.963

$94,845,420 -290.51S.5S0 '3S5.364.000 5268,122,500 810,500,000 278,622,500
178,916,242
82.340,498 261,256,7-10
to.yi/1, ‘ U U 2 D ’ M > U
loo, 00 .2 ,yyu
SS, 040.870
7 5,646,850
12,394,000
Iron, steel, coal, copper, A c-------------------------69,675.225
61.388,225
8,287,000
10.036,000
10.036.00C
Equipment manufacturers__________________
6,420,000
6.420.000
119.175.245
Motors and accessories. _
_ ___ __ _ _
18,282,000 105.604.595
18,282.000
35,613,638 465.276.299
Other industrial and manufacturing companies 138,272,300
14,445,000 152,717.300 429,682.061
1.250.000 344.237.771
28.000.000 279.2 '0.000 342.9S7.V77
251,250,000
73,728.047
72,445,04;
1,283,000
17.415.000
Land, buildings, A c . ______ . _ __ _______
650.000
18,065.000
79,063.000
75,000
79,735,600
_
_______________ _ 67.500.000
R u b b e r ________
67,500 000
27,014.51 0
27,014.500
Shipping ________ _____ __
. ___ ______
6 ’ U0 000
2.460.000
3.950.000
i ! 1,925,89 ‘
12,244.500 127,170.390
Miscellaneous________ _________ _____ ______
96,140,666
9,139.000 10 5,279.606

89L77! .000
1 4 0 / 0.600
.$53,000
2.575,000
78. : 41.05$
1 ;9.54:'.$r0
18 ‘ .203.018
28.291.060
20.S40.000
2,905.000
115,078.200

§68.940,000 $160,717,000
260.259.200
4,627,000
72.460.000
2. /.\ 0 0 0
5.9 *9.000
SL 359.000
2 8 / 2$,800 178.095.150
4.518.000 189.716.613
28.29 l.000
21,050.000
210.000
2.905,000
8,144,500 ■18 JO

> 5 7 7 “. ft A A

v 1 O ft

X, J A Q 1

k

13,570,650
12.609.SS3

46,104,400

13,000.000
36,894.200
95,237.500
4.186.000
17,750,000

Total n o t e s ..--,.,._____________ _______ Sl63.969.366 $27,534,500 $191,503,886
Stocks—
v
Railroads _____ __
__ _
_ — __
Public utilities__ ________________ i ------------- §10,667,490
$10,667,490
Iron, steel, coal, copper, A c----------------- -------4.448,225
4.44S.225
---Equipment manufacturers
__ __
Motors and accessories_____________________
2.582.000
2,582,000
Other industrial and manufacturing companies 20.570.000
$525,600
21,395,600
O i l ___ ____________________________________
77,700,000
77.700.000
Land, buildings, Ac_
___
__ _ _
__
1.510.000
1,510,000
Rubber _ _
__ __
___________________
Shipping _ _______ ______ __ __ __
Miscellaneous ______
_ ___
7,887,500
250.000
8,137,500

S I.500,000 §149,258,000
45,174,000 126,027,500
5,610.000
7.411,000
7.100.000
46.359,000
3.000.000
1.250.000 122.9S7.000
2,530,000
30,400,000
3.200.000
10,400,000

95,879.595
317,367.416
215.005,772
11.116,047
49,163.600
14 603
57,819,896

1,350,000

5.000,000
1,950.000

S83,287,003 $498,949,000 §282.364,300

$5,394,250

17,750,000

1919.

$9,000,000 §129,364,500
31.772.248 104,306.500
39.910,000
12,394.000
2,625.000
2,625,000
20,003.755
88,940,000
6.245.000
60.082,000
1.283.000
100,000
9,211,000
55,540.000
8.834.000

$25,528,490
42,520,850

11,500,000
30,844,200
49,237,500

8,000,000
34,944.200
95,237.500
4,186.000
17,750.000

Total b o n d s ..________ _________________ $630,022,020 $370,600,980 S1000623000 §415,661,997
N otes—
Railroads_________
._ ________ __ __ _
$2,000,000 $10,656,000 $147,758,000
_
__
Public utilities______ 80.853,500
12.0S4.500
16.234,500
28,319,000
_
___
Iron, steel, coal, cooper, &c__
5,610,000
40.000,000
40.000.000
Equipment manufacturers___ _____
___
7.411.000
Motors and accessories _ __ __ _ _
7,100.000
3.700,000
3,700,000
Other industrial and manufacturing companies
43,359.000
31.186.700
400.000
31,586.700
O i l ____________________________ ____________
7,500.000
53,700.000 121,737.000
Land, buildings, A c_
__
_ _ _ _ _ _
2 530.000
100.000
100,000
Rubber __ _ _
__
_____
30 400.000
10,000,000
10.000.000
Shipping _ ___
__ ____________
_ __
3,200.000
125,000
1,000.000
1,125,000
Miscellaneous__
__ __
10.400.000
11,917,166
12,317,166
400,000
460,358.500

$5,000,000

$13,036,000 $26,000,000 $39,036,000
16.923,000
31.344.000
14.421.000
14.400.000
14.400.000

1920.

Total.

$4,215,000
14,000,000

17,750,000

$60,929,700 $27,289,000 S88.218.700 $262,234,572 S18.641.850 $280,876,422 $264,654,600

SIX M ONTHS EN D ED JUNE 30.

$1,896,000
14,279,000
400,000

43,000,000
1,200,000

43,000,000
1,200,000

$47,623,500

$61,324,500
15,890.150
945.000
2.500.000
41,097,120
55.090,170
20,718,082
2,052,500
30,638,600
3.100.000
28,878,450

$8,529,000

2 ,0 2 0 ,0 0 0

S3,010,000

40,497,120
41.170.170
12.797,082
350.000
30,638,600
2,500,000
16,084,450

826,000,000 $37,140,000
12,850.000
8(394,000

$41,927,500 $37,548,500 $79,476,000

$44,613,500

$800,000 5147,015,072
$6,987,000 S17.987.000
2,493,000
11,250,000
4,000.000

$ 11, NO,000

$10,506,000 $81,112,000

600,000
326 700

324,500

7,640,000

2,500,000

Railroads ________________
------------- Public utilities_________
. _____ _ __ _
Iron, steel, coal, copper, &c _ . - _
__
Equipment manufacturers-----—
--------Motors and accessories________ ___ - - ..........
Other industrial a nd manufacturing companies
O i l ___________________________________________
Land, buildings, & c. ______ _ ______ ____ R ubber___________ ____ ____________ _____ _ ______
__________ __
Shipping________
Miscellaneous_____ _____________________ ____

T o ta l—

600,000
11,900.000

8,852,000
3,000,000
2,660,000

ST2

Stocks—

*4,987,000 $12,987,000
2,493,000
10,500,000
4,000.000

5S29.005.166

— ^-----

75 000
3.410.500

T ota l—
Railroads_________ ________________ -------------

Total corporate securities _________

*919,656.601 $398,911,080 $1318567681

$ 170"025063 >169.271,280 $1874296949

—

usoo.ooo

•'S3,120,003 >281,106.900 $1111296963

J

uly

30 1921.]

THE CHRONICLE

4<>5

D ETAILS OK N E W CA P ITA L KLOTATIONH DIJRINCI .(ONE 102J

JUNE 1921
BONDS.

A m o u n t.

P u rp ose o f Is su e.

Railroads—

%

os7 one

a

P r ic e .

TO Y i e l d
A b o u t.
Vt

97 Vi

8,000,000 Additions and betterments

C o m p a n y a n d I s s u e , a n d b y W ham , O f f e r e d .

Q 7Ti

6.25 A m e r i c a n D o c k & I m p r o v e m e n t C o . 1st M . Extended Oh, 1030. Offered by White, Weld
( Mark, I lodge
( 'o.
6.80 I l l i n o i s C e n t r a l H R . Socured Oj^fl, 1030. Offered by Kuhn, Loeb A Co.

84 %

7 'A

Ac C o.

and

12,987,000
P u b lic U tilities—

2,500.000 Additions and extensions---------

Burr, Inc.

500,000 Pay cun*, oblig.; ref.; add’ns, Ac .

99

3,000,000 Refunding; add’ns Ac extensions.....

98

1,000,000 Additions and extensions....... ...... ..
3,500.000 Additions and betterments.______

A l a b a m a P o w e r C o . I Hi, M . Lion A Ref. Oh, 1051.

Offered by Harris, Forbes Ac Co. and Coffin Ac

Sc
Ac

Ac

P o w e r C o . 1st A Ref. 5s, “ A ,” 1030. Offered by Blyth, Witter
C o , ’,
8.10 C e n t r a l A r i z o n a L i g h t
Low Angeles Trust
Savings Bank; Hunter, Dulln A C o .
8.75 Colum bus R y., P o w e r & L i g h t C o . 8. I'\ Mtgo. 8s, 1024. Offered by Harris, Forbes
C o . and
Elston
Co.
8.00 I o w a Ry. & L i g h t C o . 1st
Ref. M . 8s, 1032. Offered by Harris, Forbes
C o.
7.35 L o s A n g e l e s G a s Sc E l e c t r i c Co. Gen Ac Ref. M . 7s, “ B ,” 1031. Offered by Bond, Goodwin Ac
Tucker, Inc.

Ac.

100
97 'A

Ac

Ac

Ac

10,500,000

Iron. Steel, Coal, Copper, &c.
4.000,000 Pay current debt; working capital-

99 %

8.10 H a n n a F u r n a c e C o . 1st M . S. F. 8s, 1920.

O ther Industrial and M fg.—
3,500,000 Refunding; other corp. purposes. _

99

2,500,000 Reduce current debt ____________

99

8.10 Consolidated Textile Corp. 1st M . S. F. 8s, 1041. Offered by Central Trust Co", of I Ilinois; Hambleton & Co.; Federal Securities Corp.
C o.;
8.10 R o y s t e r (F. S.) G u a n o C o . 1st IVI. S. F. 8s, 1041. Offered by ('base Securities Corp.; Blair
Hambleton
Co.; Scott
Strlngfellow; Federal Securities Corp.
Offered by company to stockholders; underwritten.
8.00 St. L o u i s C o k e &c C h e m i c a l C o . 1st M . 8s, 1941.
Offered by Cha-ndler Co. , Inc. and King,
8.25 T r o y L a u n d r y M a c h i n e r y C o . , L t d . , S .F .8 3 , 1936.
Hoagland
Co.
Co. and Elkins,
8.05 W i l b u r (H . O .) & Sons, Inc., 1st M . S. F. 8s, 1936. Offered by Edw. B . Smith
Morris A Co.

6.545.000 Refunding; pay cun*, debt.; add’ns.
1.2.30.000 Refunding; add’ns; working capital

100
97 U *

1,500,000 Construction; refunding, A c______

99 y 2

Ac

Offered by Dillon, Read Ac C o . and Union Mr. Co,, (/lev.

Ac

Ac

Ac

Ac

Ac

15,295,000
O il—

3,000,000 Pay current debt; improvements. _
Land, Buildings, & c.—
1,500,000 Ref.; pay put*, money contract, Ac.

8.50 P r o d u c e r s & R e f i n e r s C o r p . S. F. 8s, 1931.

96 K

8.00 B a b b i t t B r o s . L a n d s , I n c . , 1st M . S. F. 8s, 1921-40. Offered by Hunter, Dulln Ac Co., and Blyth,
Witter Ac Co.
8.00 S w l f t w a t e r P l a n t a t i o n s C o . 1st M . 8s, 1922-31. Offered by Interstate Trust & Banking Co. and
Mortgage & Securities Co.
8.00 V a l l e y R a n c h C o . 1st M . 8s, 1922-31. Offered by California Co.; Blyth, Witter & C o.; Security
Trust & Savings Bank; California Bank; Banks, Huntley & Co.

100

160,000 Corporate purposes.

100

1.000,000 Corporate purposes___

100

Offered by Blair Ac Co., In c.

2.660,000
Shipping—
3,300,000 Refunding; working capital_______

7.50 Havana Docks Corp. 1st coll, lien 7s, 1937.

95^

Offered by Lee, Higginson & Co.

M isce lla n e o u s—

1,850.000 Refunding; working capital
1.500.000 General corporate purposes _ _ _
15,000,000 Refunding; pay current debt_____

98H
98 X
100

3.000,000 Addtional working capital_______

99

8.20 A c m e P a c k i n g C o . 1st M . Conv. S. F. 8s, 1933. Offered by Geo. H. Burr & Co.
7.65 B a t h u r s t C o . , L t d . , 1st M . Conv .7H s, “ A ,” 1941. Offered by Callaway, Fish & Co.
8.00 U n i t e d D r u g C o . Conv. 8s, 1941. Offered by Kidder, Peabody & Co.; F. S. Moseley & Co.; Bankers
Trust Co.
8.10 V a n C a m p P a c k i n g C o . , I n c . , 1st M . S. F . 8s, 1941. Offered by E. H . Rollins & Sons.

21.350,000
NOTES.
R a ilro a d —

2,000,000 Refunding _ ______

____________

3,000,000 Add’ns, impts., Ac.; pay curr. debt

7.00 K a n s a s C i t y T e r m i n a l R y . Secured 6 3^s, 1931. Offered by Continental & Commercial Trust &
Savings Bank; E. H. Rollins Ac Sons.
8.00 M i n n e a p o l i s S t. P a u l & S a u l t S t e . M a r i e R y . 7s, 1922. Offered by Dillon, Read Ac Co.

96.44
99

5,000.000
P u b lic U tilities—

750.000 Ext. Ac impts.; other corp. purposes

8.10 S o u t h w e s t e r n P o w e r & L i g h t C o . Secured 8s, “ B ,” 1941.
and Bonbright & C o . , Inc.

99

Offered by Halsey, Stuart Ac C o . , In c.,

O th e r In d u str ia l a n d M fg .—

3,000.000 Retire bank loans; working capital.
2.076.700 Refunding; pay curr. debt; add’ns.

8.00 Oxford P a p e r C o . 7>£s, 1922. Offered by Lee, Higginson & C o .
8.00 St. L o u i s C o k e & C h e m i c a l C o . Deb. 8s, 1927. Offered by company to stockholders; underwritten.

993^
100

5.076.700
O il-

3.500.000 Capital expends; gen. corp. p irp__

8.75 I s l a n d O i l & T r a n s p o r t C o r p . Secured & Partic. 8s, 1926.

97

Offered by A . B. Leach Ac Co.

STOCKS
Par or N o.
o f S h a res.

aA m ount
P u rpose o f Is su e.

P r ice
T o Y ield
p e r S h a re .
A bout

In v o lv e d .

O th e r In d u str ia l a n d M fg .—
S
300,000 Liquidate indebtedness___________

C om p a n y and I s s u e , and by W h o m

3
300,000

100

8.00 L a u r e l L a k e M ills , F a ll R i v e r , M a s s ., 8 % Cum. Pfd.
holders.

500,000

100

7.00 G r a n t (VV. T . ) C o . o f M a ss. 7 % Cum. Partic. Pfd.

O ffer ed .

%

Offered by company to stock-

M iscella n eou s—

500,000 New stores____ ____________________

Offered by Blake Bros. A Co., N . Y .

F O P E IG N G O V E R N M E N T LOANS.

A m o u n t.

Issu e.

P r ice .

T o Y ield
A bout

%

2,500,000 Dominican Republic Customs
Admin. 8 % S. F. Bonds, 1 9 2 5 ..

O ffe r e d by

%
8.00 Equitable Trust Co. and Speyer Ac Co.

100

a Preferred stocks are taken at par, while in the case of common stocks the amount is based on the offering price.

is t o b e c o n v e r t e d .

Current gvmts and discussions

o f E n g la n d
The
£ 1 ,0 0 0

bonds
and

F o r m s w ill b e o b t a i n a b le o n a p p lic a t io n t o t h e B a n k

or B a n k
w ill

o f I r e la n d .

b e issu e d

£ 5 ,0 0 0 ,

and

in

th e

d e n o m in a tio n s

in te r e s t th e r e o n

of

£50,

£100,

w ill

be

p a y a b le

£200,

£500,

h a lf-y e a r ly

PROSPECTUSOF BRITISH TREASURY BOND OFFERING.
T h e prosp ectu s of th e 5 % % T re a su ry b o n d s offered b y

r e p r e s e n t in te r e st to t h a t d a t e fr o m t h e d a t e o n w h ic h t h e r e la t iv e a p p lic a 

the B ritish

u n d e r m e n tio n e d

T re a su ry , particulars o f w hich w ere give n in

these colum ns last w ee k , page 3 4 7 , w as p u b lish ed in the
L on d on “ F in ancial N e w s ” o f J u ly 1 2 , and w e reprint the
sam e from th a t paper herew ith:

by coupon.

T h e fir s t d iv id e n d w ill b e p a y a b le o n

O ct.

1 1921, and

w i ll

tio n w a s lo d g e d a n d p a y m e n t m a d e fo r t h e b o n d a t a n y o ffic e o f o n e o f t h e
b an k s.

B o n d s o f th is issu e m a y

be

r e g is te r e d

fr e e o f c o s t in

th e b o o k s o f th e

B a n k o f E n g la n d o r o f th e B a n k o f I r e la n d , as
1.

“ T r a n s f e r a b l e in t h e b a n k t r a n s f e r b o o k s , ”

2.

“ T r a n s fe r a b le b y d e e d .”

or

.

A l l o t m e n t s m a y b o ^ o b t a i n e d in r e g i s t e r e d f o r m o r in t h e b o n d s t o b e a r e r

^AWc Treasury Bonds. Repayable at Par on A pril 1 1 9 2 9 . Interest Payable a t t h e o p t i o n o f t h e a p p l i c a n t .
Half-Yearly on A pril 1 and Oct. 1 . price of Issue Fixed by II.M .
H o ld i n g s o f r e g is te r e d b o n d s , w h ic h w ill b e t r a n s fe r a b le in a n y s u m s
Treasury al £ 9 7 % . Payable on Application.
w h i c h a r e m u l t i p l e s o f o n e p e n n y , m a y b e r e - c o n v e r t e d a t a n y t i m e in
1
b o G o v e r n o r a n d c o m p a n y o f t h e B a n k o f E n g l a n d a r c a u t h o r i z e d b y w h o l e o r i n p a r t (in m u l t i p l e s o f £ 5 0 ) in to , b o n d s t o b e a r e r w i t h c o u p o n s
Urn F o r d s C o m m i s s i o n e r s o f H i s M a j e s t y ’ s T r e a s u r y t o r e c e i v e o n t h e 1 2 t h

a tta c h e d .

d u ly 1 9 2 1 , a n d
bon d s.

b y p o st.

j

th e r e a fte r u n til fu r t h e r n o t ic e , a p p lic a t io n s f o r t h e a b o v e

h e p r in c ip a l a n d i n t e r e s t o f t h e b o n d s a r e c h a r g e a b l e o n t h e C o n s o l i d a t e d
<>f t h e f j n i t e d K i n g d o m .

Vu n d

f h e b n - c r e s t o n ? b e b o n d s v/ill b e e x e m p t f r o m C o r p o r a t i o n P r o f i t s t a x .

issue

B o n d s o f th is
j j /2

or O c t.

I

t l 1b ( o n v e r ,, o n
in g

cuo

to c o n v e r t

w ill b e C o n v e r t i b l e a t t h e h o l d e r ’ s o p t i o n a s o n A p r i l 1

1 9 2 2 in to

J.'A.K):;.

L oan fo r each

v/iJI b e r e q u i r e d

p e r c e n t C o n v e r s io n

L o a n a t th e ra te o f

£ 10 0 o f b o n d ; c o n v e r t e d .
to n o tify th e B a n k

A h o ld e r d e s ir 

o f E n g la n d

o r , in

th e

o f ;» b o l d i n g r e g i s t e r e d a t t h e B a n k o f I r e l a n d , t h e B a n k o f I r e la n d in

trir- pr

se n bed

fo ’in

w it h in o n e m o n t h o f t h e d a t e a s o n w h i c h t h e h o l d i n g

D iv id e n d

w a rra n ts

in

r e s p e c t o f r e g is te r e d ' h o ld in g s

w ill

be

fo r w a r d e d

I n t h e c a s e o f a llo t m e n t s o f r e g is te r e d h o ld in g s , w a r r a n ts fo r th e

f i r s t d i v i d e n d , d u e O c t . 1 1 9 2 1 , w i ll b e f o r w a r d e d i n a ll c a s e s t o t h e o r i g i n a l
a llo tte e s

o r th e ir

n o m in e e s .

D iv id e n d s

on

bearer

bond

w ill

be

p a y a b le

b y cou pon .
A p p lic a tio n s

fo r b o n d s ,

w h ic h

m u st

in

every

case b e

a c c o m p a n ie d

p a y m e n t o f t h e fu ll a m o u n t p a y a b l e in r e s p e c t o f t h e b o n d s a p p l i e d
m a y b e lo d g e d

by
fo r ,

a t a n y o ffic e o f th e fo llo w in g b a n k s a t a n y t im e a t w h ic h

s u c h o ffic e s a re o p e n fo r b u s in e s s , v i z .:
[W e o m it t h e n a m e s o f t h e s e b a n k s , w h ic h in c lu d e
and

48

o th e r

b a n k in g

in s titu tio n s

in

th e U n ite d

th e B a n k o f E n g la n d

K i n g d o m .1

H>(i

THE CHRONICLE

or they may be forwarder! by post to the Bank of England Loans Office,
5 and 6 Lombard Street. E.O. 3.1
Conner n o n o f 5% E xchequer Bunds, D u e O cl. 5 1921; 5% N a tio n a l W ar B unds,
D u e Oct. I 1922; 5% N a tio n a l W ar B on d s, D u e A p r i l 1 1923;
5% N a tio n a l W a r Bunds, D u e S ep t. 1 1923.

Holders of the above issues may surrender their holdings in whole or in
part and receive in exchange therefor similar holdings of like amounts of
bonds of the present issue together with a cash payment as follows:
5% Exchequer Bonds, due Oct. 5 1921 (a cash payment of £4 per £100 of
5% Nat. War Bonds due Oct. 1 19221 bonds surrendered.
5% Nat War Bonds, due Apr. 1 1923/a cash payment of £3 10s. per £100
5% Nat. War Bonds, due aept. 1 1923\ of bonds a urrendered.
Holders who desire to convert must give notice to the Bank of England,
in the prescribed form. Such notice must be received by the Bank not
later than Tuesday July 26 1921
Application forms for the conversion
of rugisteed holdings have been forwarded to all holders (in the case of
joint accounts to the first holder); additional forms and forms for the
conversion of bearer bonds may be obtained on application to tho Bank
of England Loans Office, 5 and 6 Lombard Street, E.C. 3.
All couvi rsions will take place as on July 26 1921, to which date interest
will be paid in respect of bonds surrendered and from which date the 5H %
Treasury bonds issued in exchange will carry interest.
N . B .— Applications for conversion of bonds registered in the books of
the Bank of Ireland must be forwarded to the Bank of Ireland, Dublin.
Bonds issued by the General Post Office will not be convertible at the
Bank of England. They will be convertible at the General Post Office
under the arrangements set forth in the separate prospectus issued by His
M ajesty’s Postmaster-General.
A commission of 1i % will be allowed to bankers and stock brokers on
allotments made in respect of both cash and conversion applications bearing
their stamp.
Applications must be made upon the printed forms which may be ob
tained. together with copies of this prospectus, at the Bank of England;
at the Bank of Ireland, of Messrs. Mullens, Marshall, Steer, Law ford &
C o., 13 George St., Mansion House, E .C . 4, and at any bank or Stock
Exchange in the United Kingdom.
B A N K OF E N G LA N D , LONDON, E .C ., July 11 1921.

GREAT BRITAIN REDUCES DEBT TO FOREIGN
COUNTRIES £130,000,000.
A reduction of over £130,000,000 in the debt owed by
Great Britain to eight foreign countries, including the
United States, is indicated by returns of the British Treas
ury, covering foreign fiscal operations in the financial year
ending M ar. 31, last. The amount repaid in tho United
States was more than half of the total repayments- The
detailed figures which have just been received by the Bankers
Trust Company of New York, from its English Information
Service, disclose the individual reductions to have been as
follows (calculated at par of sterling or as collateral given):
United States:
Demand notes
Other debt___
Canada ________
Japan __________
A rgen tin a_____
Uruguay ______
H ollan d________
S p ain __________
F iji____________

1920-21.
£ 3.292.000
70.778.000
20.080.000
7.170.000
19,200,000
5.954.000
743.000
2.500.000
434.000

D eb t R ed u ction

The company states that offsetting this reduction there was
an increase of £13,000,000 in the loans of other Allied Gov
ernments to Great Britain, leaving a net reduction during
1921 of British debt owed abroad of £117,151,000.

CONSORTIUM ORGANIZED FOR THE DEVELOPMENT
OF SWEDISH TRADE W I T H RUSSIA.
The forthcoming number of “ Present D ay Scandinavia”
to be issued by The New York Trust Company (with which
the Liberty National Bank was recently consolidated), will
contain among other articles the following regarding a con
sortium organized for trade with Russia:
The organization of a consortium of important interests for the develop
ment of Swedish trade with Russia, which for many months has been a
subject o f compelling interest to Swedish financiers, manufacturers and
exporters, has been announced at Stockholm, and a working committee has
taken up the question o f re-establishing commercial relations.
The program now framed provides for the allotting of operations to the
members of the consortium, the standardizing o f contracts and other agree
ments, and the handling of Russian proffers of payment for exports. I f the
Soviets should seek to exchange concessions in exchange for goods, these
concessions will be duly appraised, and upon approval an effort will be made
to market them.
The organization itself will do no actual trading, but. will confine its
operations to the regulation and stimulating of commerce and will serve its
membership in an advisory capacity. A party of experts is to be sent to
Russia to investigate markets there for exports from Sweden and to study
conditions affecting raw materials suitable for the use of Swedish manu
facturers.
A similar project has been set in motion by the General Export Associa
tion of Sweden. According to the present plans, the new consortium of
interests and the Export Association will work hand in hand.
Some progress has already been made toward the re-opening of SwedishRussian commerce. Under an agreement that was entered into last year,
contracts have been distributed for accessories for 1,000 locomotives which
have been ordered for Russian use. Delivery is to be made within the next
three years. The total value of the contracts has been estimated at kr.
12 , 000 , 000 .
__________________________________________________________

INCREASE IN CAPITAL OF DISCONTO-GESELLSCHAFT .
The following information comes to us from Adolf Koehn,
of 25 Broad Street, this city, representative of the DiscontoGeseUschaft:

[V ol. 113.

The Disconto-Gesellschaft, Berlin, one of the leading German banks, nas
informed me by cable that, with regard to their increase of capital from
M 310,000,000 to M 400,000,000, M 1,000 new shares may be obtained
for M 4,000 old ones, at the rate of 180%. The new shares participate
fully for the 1921 dividend, and the rights expire August 15.

AUSTRO-HUNGARIAN BANK TO BE TAKEN OVER BY
G () I ERNMENT N0 TE-JSS VING INSTITUTE.
A special cablegram from Vienna, July 26, to the New
York “Times,” said :
The 1Bulgarian Government has notified the Austro-Hungarian Bank
that its head office in Budapest and other Hungarian branches will be
taken over by the newly established Governmental note-issuing institute
on Aug. 1. This means that the Vienna office will be henceforth the cen
tral office of the bank.
Panic conditions to-day overwhelmed the Vienna Stock Exchange. For
eign exchange rates were higher than ever before, the dollar reaching the
1,000-kronen mark, owing to general lack of confidence in the credit ac
tion of the League of Nations.

DELIVERY OF DEFINITIVE REPUBLIC OF CHILE
EXTERNAL 8 % GOLD BONDS.
The Guaranty Trust Company of New York announced
on July 28 that it is now.delivering at its Trust Department
the definitive Republic of Chile External Loan 20-Year
Sinking Fund 8 % Gold Bonds, due Feb. 1 1941, bearing
the coupon due Aug. 1 1921, and all subsequent, in exchange
for all outstanding Bankers’ Receipts. In an announce
ment earlier in the week the Trust Company, in making
known that it would he prepared to deliver the definitive
bonds beginning July 25, stated that “no Interest will he
paid on the interest warrants appurtenant to the Bankers’
Receipts.” In correcting this, in its statement of July 28,
the company sa id :
It had previously announced that no interest would be paid on the in
terest warrants appurtenant to the Bankers* Receipts. Due, however, to
the fact that the definitive bonds were delivered to it at a date later
than originally contemplated, the Guaranty now states that the interest
warrants due Aug. 1 1921 from the Bankers* Receipts will be honored at
at its Coupon Department when accompanied by the customary income
tax certificates. It is requested, however, that as far as possible, the
Bankers’ Receipts be surrendered to it with the Aug. 1 interest warrant
attached, which will entitle the holder to a definitive bond bearing cou
pons maturing on that date. Receipts surrendered without interest war
rants due Aug. 1 will be entitled to bonds bearing coupons due Feb. 1
1922 and subsequent.

The offering of these bonds ($24,000,000) was referred to
in our issue of Feb. 19 last, page 699.

PUBLICATION OF “ THE AMERICAS ” DISCONTINUED.
The National City Bank of New York, in announcing the
discontinuance with the July number, of its organ, “The
Americas,” says:
Effective with the July issue, which was mailed to you a few days ago,
publication of “ The Americas’ * has been discontinued.
When, seven years ago, this magazine was inaugurated by the National
City Bank of New York, our primary purpose in its publication was to
stimulate more widespread interest in the commerce between North and
South America. In accomplishing this purpose, we believe “ The Americas’*
has met with no small degree of success.
Since “ The Americas” began publication, however, this country’ s inter
est in foreign trade has become world-wide in extent, and the National City
Bank of New York has established its own branches in all the important
commercial centres of the globe. Foreign trade, in other words, is no
longer a question of our trade with South America alone, but of our trade
with the entire world. We feel that, to do justice to this field in any
single magazine is a matter of such breadth and importance that it lies
beyond the province of any periodical that might be published by a
private institution. This outstanding fact has particularly influenced our
decision in regard to “ The Americas.”

CHINESE GOVERNMENT 7 % LOAN OF 1919 TO BE
EXCHANGED FOR CONSOLIDATED BONDS.
According to a bulletin, dated June 24, issued by the
Republic of China Government Bureau of Economic In
formation, holders of bonds of the Chinese Government 7 %
National Loan of the Eighth Year of the Republic (1919) are
notified that in pursuance of measures for the consolidation
of internal loans and the establishment of a definite loan
service sinking fund drawn up by the Ministry of Finance
and sanctioned by Presidential Mandate dated March 3 1921,
the Bureau of National Loans has arranged by beginning
from June 20 1921, the old Eighth Year Bonds may be
exchanged for new Consolidated 7 % Bonds at the Bureau of
National Loans, Peking, or the offices of the Bank of China
and the Bank of Communications in the Provinces. The
Bulletin states that the exchange for new Consolidated
bonds shall be made in accordance with the regulations
appended below:
1. Holders o f the Eighth Year 7% bonds whose numbers were published
in the Government Gazette of April 19 1921, are hereby requested to
exchange for now 7% Consolidated Bonds at the Bureau id Nat ional l oans,
Peking, in order to present same tor payment of Interest or repayment of
principal. Holders in distance places from Peking, may exchange for new

J u l y 30 1921.]

THE CHRONICLE

Bonds through Mio Bank o f China or tho Bank o f Communications at thOir
respect ivo pi aces.
2. Evory SI00 7% Eighth Year Bonds face value will exchange for $40
of new 7% Consolidated Bonds.
3. Before sending the Eighth Year 7% bonds to the Bureau o f National
Loans in exchange for now bonds, holders are required to affix their seals or
sign their names on the face o f evory bond at tho loft side o f the soal o f the
Ministry o f Finance, together with 37 attached coupons from N o. 4 to
N o. 40 inclusive. The Bureau shall first have those bonds registered and a
rocoipt issued to tho holder who shall receive tho Now 7% Consolidated
Bonds after 10 days therefrom against this receipt, provided tho bond
numbers are included in tho Government Gazette list. Holders who make
tho exchange o f bonds in places other than Peking through the Bank o f
China or tho Bank of Communications shall receive their now 7% Consol
idated Bonds after three weeks from the date o f delivery o f the old bonds
and they shall roceivo the new Consolidated Bonds from the same agency
against the original receipt, provided their bond numbers are found in tho
Government Gazette list. Bonds, the numbers o f which are not included
In tho list in tho Government Gazette, will be returned to tho original
holder, against the receipt issued to him.
4. In case any of the undue coupons is missing the bondholder must make
good at the rate of 40% of the face value (e. g. if ono coupon o f a $100 bond
is missing, $1.40 will bo paid by the holder). A t tho same time, tho agency
shall issue a special receipt for the amount of missing coupon or coupons,
so on discovery of same, the holder may get the interest refunded from the
same agency against the original receipt.
5. When the Bank o f China and the Bank o f Communications at various
places shall have received the Eighth Year 7% Bonds, and when numbers
o f which have been duly checked, they shall report at the end of each week
for the amount of each denomination o f the New 7% Consolidated Bonds
required to their respective Head Offices, who shall apply to the Bureau of
National Loans for the issue o f new 7% Bonds. A t the same time tho
agencies shall sort and bind the cancelled old Bonds according to their
denominations into 50 sheets each. The word “ Cancelled” must be stamped
on the side of the Chinese version of every bond and coupon. When they
are properiy arranged and bound up they are to be forwarded to the Bureau
o f National Loans for final checking through their respective Head Offices.
6. The New 7% Consolidated Bonds are o f five denominations, viz.,
$1,000, $100, $10, $5 and $1. Holders o f old bonds will exchange for new
bonds of maximum denominations: for example, if a holder is to receive
$5,867 worth o f new bonds, he will get five $1,000 bonds, eight $100 bonds,
six $10 bonds, one $5 bond and two $1 bonds.
7. Exchange for New Bonds will begin from June 20 1921 to D ec. 31 1921,
after which date no exchange will be made.

ARGENTINE INTE RNA L

GOLD L OA N.

J. P . M organ & Co. announced on July 27 that they have
been instructed to give notice that they are prepared to
receive tenders for the amortization on or before Sept. 30
next of $441,100 Argentine gold pesos or about £88.220
nominal of the 5 % internal gold loan of the 'Argentine
Government issued in 1909. Tenders for the sale of bonds
with M arch 1 1922 coupons, at a price to be named in the
offer must be lodged with the bankers not later than 3 p . m .
on Aug. 9. Tenders will be received also in London by
Baring Bros. & C o ., L td ., and in Buenos Aires by the
Credito Publico Nacional. Each £200 bonds had a par
value of £973 United States gold dollars and tenders must,
be made at a flat price under par expressed in dollars per
bond. Tenders must be made on a form obtainable on
application and be accompanied by a deposit of bonds of
the above mentioned loan at the rate of not less than $97 30
per $973 nominal capital tendered.
The tenders will be opened in London on A ug. 12 and the
notification of the result will be given as soon as possible
thereafter.
Forms of tender may be obtained on application to
J. P . M organ & Co.

BUENOS AIRES CREDIT PL AN FOR RELIEF OF E X 
CHANGE SI TU ATI ON THROUGH $50 ,0 0 0 ,0 0 0 WAR
F I N A N C E CORPORATION— CREDIT NOT
FEASIBLE.
Reference to the proposal that the United States Govern
ment, through the W ar Finance Corporation or the Federa
Reserve Board, open a credit of $50,000,000 in favor of the
Buenos Aires Chamber of Commerce or other institution in
Buenos Aires, was made in these columns July 16, page 244.
The proposal was made by Carlos Tom quist, and in an
account of a discussion of his plan on July 11, the ArgentineAmerican Chamber of Commerce, in its weekly cable sum
mary from Buenos Aires July 16, said:
The Board o f Governors of the Buenos Aires Chamber o f Commerce
discussed with M r. Carlos Tom quist his credit proposition as stated in
the last weekly bulletin at a meeting held on M onday JuJy 11. As a
result o f this discussion the general opinion was formed that the scheme
was impossible of realization, particularly since the publication o f press
dispatches stating that the War Finance Corporation and Federal Reserve
Board are legally unauthorized to grant the proposed loans.
In f he meantime the President of Argentina has sent a message to Congress
reaffirming the opinion that gold exports should continue to be prohibited.
Vvhiic the President's message was severely (Titicized in Congress yester
day and by the leading newspapers, it is believed that there is little hope
that any action wijl be taken by the Argentine Government toward the
normalizing of the exchange, more especially as the Government's views
on the subject are strongly supported by the agrarian interests which fear
lower prices for agricultural products if the exchange is normalized. The
Government also has a favorable majority In Congress, and consequently
unless large amounts o f American capital should bo invested here, or other

467

measures enacted in tho United States, there are no probabilities o f Im
provement for a long time.
I t is generally believed that tho exchange situation v/lli become ©yen worse.
At present most American business is Impossible because o f the exchange
handicap.
_________________ _______________

ARGENTINE CONFEDERATION OF COMMERCE SUG~
GESTS EXTENSION OF CREDITS TO LI VE STOCK
OWNERS.
Tho Argon tine-A m en can Chamber of Commerce, Inc., at
64 Broad fit., this city, reports tho following in its weekly
cable summary from Buenos Aires July 16:
The Argentine Confederation o f Commerce, Industry and Production
held a vory important meeting at the Bolsa do Comercio composed of 200
persons representing banking and agrarian interests, and with delegates
from commercial and industrial institutions also attending. A special
committee o f the Confederation recommended that holders o f cereals ought
to sell at present prices, which are considered remunerative without waiting
any longer. As another measure to encourage tho exportation o f cereals,
it was suggested that tho Government ought to reduce or suppress entirely
tho export duties on cereals.
It was also suggested that plans ought to be devised for the extension
o f bank credits to livo stock owners, so that they may be enabled to tide
over the present period while surplus stocks o f meat in Europe are being
consumed, and that an attempt should be made to secure the suppression
o f the new emergency tariff laws in the United States.
It was further suggested that credit facilities should be extended to tho
wool and hide interests and direct access should be encouraged to wool
consuming markets.
As a relief for the exchange situation the opening o f the Caja de Conver
sion was not considered essential by the meeting, and it was also decided
that permission to export gold should only be granted as a last resource.
Another meeting will be held at a later date for further consideration of
relief measures for the live stock industries.

URUGUAYAN BANK AGAIN IN

DIFFICULTIES.

From M ontevideo, the “ W a ll Street Journal” published
the following advices in its issue of July 22:
Banco Itaiiano del Uruguay is again in difficulty. About a year ago this
bank failed, largely through having become involved in the difficulties o f
Allende & Co. and other large exporters o f produce, to whom the bank
extended heavy credits.
In July 1920, the Banco Itaiiano del Uruguay was granted a moratorium
for six months and it was planned to effect a reorganization.
This mora
torium was extended on its expiration for another six months.
It was understood that the reorganization plans would probably be suc
cessful, but new depositors, and some o f the older customers who allowed
their deposits to stand after the moratorium and pending reorganization,
have demanded the closing of their accounts, action which would amount to
a run on the bank had it been functioning in the regular way.
A t the time o f the bank’s failure a year ago it had a capital and surplus
o f $4,500,000 and deposits o f approximately $21,000,000. It is understood
that all the small depositors were paid o ff some time ago and that the larger
depositors who desired to withdraw had been receiving payments on account.
The present difficulties, which are owing entirely to failure to work out
satisfactory reorganization plans, can have no effect upon the markets and
general business situation in Uruguay, as all such trouble was passed
through a year ago, at the time o f the original failure.

APPLICATION OF THE TORRIENTE L A W S I N C U B A .
The following is from ‘ ‘Commerce Reports” of July 15:
In the opinion o f Consul General Carlton Bailey Hurst, at Havana, Cuba,
there has been considerable misapprehension among American business
houses relative to the provisions o f the so-called Torriente laws. These
laws, according to the Consul General, did not provide for an absolute
extension o f commercial credits, but, on the contrary, made it possible for
Cuban business houses to file a petition with the proper court, as set forth
in the A ct, giving certain data relative to their business affairs, and upon
favorable action b y the court, entitling the petitioner to a maximum exten
sion of credit o f 105 days from Feb. 1 1921, during which period outstanding
obligations were to be liquidated in installments.
It is generally recognized that but a very small percentage o f Cuban
business houses, even among those finding themselves embarrassed b y out
standing accounts, sought the benefits conferred b y the Torriente laws.
Cuban business houses as a whole felt that under the present econom ic
conditions existing the extension called for b y the law would, in the m ajority
o f causes, be inadequate to liquidate outstanding obligations, and that their
petition for its benefits would be rogarded unfavorably by creditors with
whom they wished to arrange for an extension different from that provided
for in the law. Prominent bankers and others believe that 10% or less o f
Cuban business houses took the necessary steps to obtain the extension pro
vided for in the Torriente laws, but that by far the greater part o f Cuban
houses have endeavored, and in most cases have succeeded, in making in
dividual extension arrangements with their creditors. The last payment
provided for in the case o f commercial houses under the Torriente laws
should have been made on M a y 15 1921 and the provisions o f the law re
ferring to commercial credits have therefore expired.
The question o f whether many failures would have resulted from an en
forced compliance with the Torriente laws is difficult to answer in view of
the fact that so small a percentage o f business houses sought its protection.
It is believed, however, that a large percentage o f failures would have re
sulted in certain lines, particularly In the cases o f dealers in textiles and
footwear. Although a considerable number o f failures have been reported,
including some of Considerable magnitude, and the present business situa
tion Is far from satisfactory, it is felt that the m ajority of American creditors
have shown a disposition to grant reasonable extensions, and that because
o f this a relatively small percentage of failures will result.

PROPOSED $50,000,000 CUBAN BOND ISSUE— EFFORTS
I N BEHALF OF SUGAR IND UST RY.
According to tho Associated Press, two Presidential mes
sages were road in the Cuban Congress on July 22. Ono o f
them asked legislation authorizing an interior bond issue o f
$50,000,000 to meet the Government’s deficit. The other
requested permission for the President to increase or decrease

U iH

TILE CHRONICLE

tariff duties a m axim u m 3 0 % in order to reduce the cost of
prim e necessities and retaliate against countries which dis
crim inate against C uban prod ucts.
O n J u ly 28 it w as an
nounced in “ Financial A m e ric a ” that a cable from H a v a n a
sta te d th a t the C ongressional com m ission which had studied
t uha s econom ic situ ation w ith Prsident Z a y a s, had agreed
to present a bill to ( ’ongress ordering the reduction of the
next crop and allow ing a $ 5 0 ,0 0 0 ,0 0 0 loan to help the sugar
in d u stry .
E arlier reports (A ssociated Fress July 19) had
the follow ing to say as to the raising of $<>0,000,000 in aid
o f the sugar industry:
Cuban sugar planters and manufacturers wish to raise $,50,000,000 in
the United States tu carry tin- industry through the com ing season, with
only incidental Governm ent aid, ic was declared to-day by General Rafael
M ontalvo who headed a delegation representing the sugar industry at a
conference with President Zayas.
There was no desire, according to General M ontalvo, to have the G overn
ment pledge any o f its revenues as a guarantee for a loan to save the indus
try, but simply that the Governm ent act as intermediary, lie estimated
that the com ing crop would be 50% less than the last.
Another commission representing leading industrial, commercial and
agricultural organizations also conferred with the President on the necessity
o f initiating negotiations at W ashington to facilitate the sale o f Cuban
products iu American markets and to bring about a revision o f the reci
procity treaty.
It was announced that a com m ittee would be named to-m orrow to proceed
m m ediately to W ashington and that the Cuban Minister had been directed
act as the Governm ent’s representative in all negotiations entered into
y this b od y .

O n the sam e d ate the “ Journal of C o m m erc e” reported
the follow in g cablegram from H a v a n a :
A com m ittee o f Cuban sugar planters was in conference to-day with
President Zayas for more than tw o hours to inquire why no detailed men
tion had been made in the Presidential message to Congress o f the sugar sit
uation. Aurelio P ortonodo, president o f the commission, asked the Presi
dent whether he had entirely abandoned the idea o f the Government buying
one million tons o f surplus sugar and a Government loan therefor.
President Zayas replied in the negative, stating that this very day the
m atter would be taken up by him with the special commission o f the House
and Senate and that the limitation o f next year’s production w ould be
discussed.
To Defend Industries.
The President asked the commission to appoint a Representative on the
com m ittee which is to be formed by representatives o f the Chamber of
Com m erce, M erchants’ Association, Cigar M anufacturers' Union, Sugar
Planters’ Association and Cuban M inister Cespedes which will be sent to
W ashington to defend before the W ays and M eans Com m ittee o f the
United States House o f Representatives the sugar and tobacco industries.
The decision to send such a com m ittee had been arrived at, said the
President, after inform ation had com e to him that beet and cane sugar
manufacturers in the United States were active against Cuban interests.
The special commission o f Congressmen, the functions o f which were to
terminate the last day o f the present m onth, will continue indefinitely
until the crisis is passed.
The President's Message.
The message o f the President to Congress, convened this week in extraor
dinary session, stated that the present drop in the price o f C uba’s main
product, the fact that more than half o f the crop is still in warehouse, the
decreasing incom e from custom s, the condition o f the national treasury and,
finally, the financial obligations for the present fiscal year piled upon those o f
other years, make it perem ptory to take adequate means to remedy as far
as possible the effects o f the indicated crisis.
T h e President recom m ended the adoption, with m odification if deemed
advisable, o f the law now in effect in P orto R ico with reference to contracts
on financing and mill prodxiction. He urged that such a measure would
greatly facilitate the acquisition b y growers and colonos o f resources enabling
them to await the growing o f the cane and the manufacture o f sugar.
As a means toward reducing the high cost o f living the President recom 
mended a 30% reduction o f the im port duty on all articles o f prime neces
sity. He recognized that no general tariff reform could be accomplished
during the extra session, but he recom m ended the appointm ent o f a mixed
commission o f both Houses to study such reform and present the result
o f the deliberations at the next regular session o f Congress.
Floating Debt Nearly $45,000,000.
President Zayas stated that the floating debt o f the Governm ent was be
tween $40,000,000 and $45,000,000, that the natural pressure o f creditors to
obtain liquidation o f their accounts and the difficulty o f satisfying such
demands greatly hampered the conduct o f public affairs and that the issue
o f bonds in sufficient quantity to provide for these claims was urgently
desirable.
Pending the approval o f an immigration law by Congress the President
recom m ended that a set o f regulations be drawn up and adhered to in the
interest o f the growing and harvesting o f the cane and the m anufacture o f
sugar.
Senate and House resolved, after listening to the message, to meet every
M on day, W ednesday and Friday and to give precedence to a consideration
o f the financial situation. A resolution was presented immediately after
ward in th e Senate approving the policies outlined by the President.
Issue of Bonds'Planned.
T h e Joint C om m ittee o f the Senate and House which is studying the
econom ic problem now being faced b y Cuba conferred with President
Zayas again to-day, after which the following was officially given out.
The Commission agreed to approve the preliminary scheme submitted by
the Secretary o f the Treasury as to an issue o f bonds, including the rate of
interest payable and the maturity to be announced, but subject to discussion
o f some details o f the plan. The next meeting is to take place on July 21
at 3.30. It was also resolved to send a commercial mission to the United
States to try to get an advantageous customs tariff on sugar and other
Cuban products.
During the meeting the President announced that at the next meeting he
would subm it to the Commission certain data to aid in forming an opinion as
to the possibility o f floating an exterior loan and establishing a bank o f issue,
this last proposal within the bases outlined in his message to Congress upon
his inauguration as President.

O n J u ly 2 7 , a press dispatch from H a v a n a , said:
Provisions for reducing the production o f sugar and for sending a com 
mercial mission to W ashington to secure a revision o f the reciprocity treaty
betw een the United States and Cuba are included among the nine measures
constituting an urgent legislative programme drafted yesterday by Con
gressional leaders and
sident Zayas. These measures, which the

[V cl . 113.

Vdminist ration hopes will normalize Cuban financial and agricultural
conditions, are to be discussed in detail to-day by the President and a
parliamentary commission intrusted with the task o f forming an executive
programme for the present special session o f Congress, and it is expected
that they will be subm itted to the Legislature Friday.

CUBA MAY CONTROL RENTS.
A H ava n a press d isp atch , July 2 3 , had the following* to sa y :
Disturbances over high rents would be an infraction o f the public order,
which the Government i.-> bound to maintain, and would justify designation
of rented houses as a public utility and permit the Governm ent to regulate
runts, according to contentions contained in a project to reduce the cost of
living now being considered by the Administration.
It is understood that the Secretaries o f .lustier a rd Commerce and Labor,
who have the task o f finding means o f solving the rent problem , will submit
to the President and the full Cabinet at a meeting next M onday this plan
for giving Governm ent control o f rents.
It is asserted that unless rents in Havana and the larger cities are cut
there will soon be wholesale evictions and disorders because the financial
crisis and the abolition o f cost o f living bonuses to thousands o f Government
em ployees have made it Impossible for tenants to continue paying the high
prices prevalent for years.
Several dem onstrations by tenants have already been held in Havana
and dispatches from the interior report cases o f revolt against profiteering

landlords.

U. S. ONE-DOLLAR BILLS IN CUBA TO BE REPLACED
BY INSULAR CURRENCY.
T h e signing of a decree b y President Z a y a s of C u b a order
ing all A m erican bills o f on e-d ollar an d tw o-d ollar denomi
nations to be w ithd raw n fro m circulation if in any w a y worn
or d a m a g ed , was reported in ad vices by cable to the “ Jour
nal o f C o m m e r c e ,” from H a v a n a on J u ly 1 5 , w hich also said :
T h e bills are to be replaced by Cuban national currency and will be sent to
the Federal Reserve authorities in W ashington to be exchanged for new ones.

JEWISH RECONSTRUCTION COMPANY OF POLAND.
A radical departure in m eth od s of adm inistration of charity
is contained in the an nou ncem ent m ade b y the A m erican
Jewish R elief C o m m itte e , th a t C olonel H erbert H . L e h m a n ’ s
plan for reconstruction in P oland has been ad op ted b y the
E x ecu tiv e C o m m itte e of the Joint D istrib u tio n C o m m itte e .
C olonel L eh m a n , C h airm an of the R econstru ction C o m 
m itte e , is a m em b er of the banking firm of L eh m an B r o s .,
N e w Y o r k C it y , and has applied the principles of organ iza
tion of the Federal R eserve S y stem of B a n k s to the field of
constru ctive relief.
H is plan p rovides for the form ation
of “ T h e Jewish R eco n stru ctio n C o m p a n y of P o la n d ,” a
com p an y which will operate on a sound business basis and
will adm inister a sum o f $ 1 ,0 0 0 ,0 0 0 on purely com m ercial
ines to set up the Jewish w orkingm en, artisans and sm all
m erchants in their businesses or occu p ation s.
F u rth er de
tails are furnished as follow s:
j W ith the adoption o f this plan the activities o f the Joint Distribution
■^Committee in Poland enter into an entirely new era— the emergency work
o f immediate relief necessitated b y the ravages o f the war and which
demanded prom pt distribution o f food, clothing, and other prime necessi
ties o f existence, will give way to a more permanent work o f rehabilitation
and upbuilding o f the econom ic life o f th e Jew in Poland.
T he details o f organization have been worked out by Alexander Landesco,
o f W arsaw, Director-General o f R econstruction, in conference with a large
number o f leading Jews o f Poland. T he R econstruction Com pany will
avail itself o f the machinery and goodwill o f the Hebrew Loan and Credit
Societies, which spread, in the years before the war, all over Poland and the
former Russian Provinces and proved themselves o f great assistance to the
working man, the small merchant and the middle class. T he war reduced
the means o f these institutions to such limited proportions that they have
been unable to render assistance at a time when it was m ost essential.
Nevertheless their usefulness has been demonstrated and they have gained
the good opinion o f the people among whom they work.
The Reconstruction Com pany will fill the treasuries o f these local Credit
Societies through seven District Federations in Lemberg, Cracow, Warsaw,
Brest-Litovsk, Vilna and R ovno. Each D istrict Federation will announce
its willingness to extend a loan o f ten million marks to ten loan and trust
companies o f its district as soon as they can justify being entrusted with
working capital. In this way the smaller and weaker organizations will be
obliged to merge and from among the existing m ultitude o f institutions will
emerge a group o f ten healthy loan and trust companies, financially sound
and morally strong, which not only will take over their material assets but
will also inherit their experience and knowledge o f the district.
cEach District Federation will act as the Federal Reserve Bank for ten
lo al loan and trust companies; the Federation will release the funds to each
ofth em according to their current needs; at its discretion it will be able to
use the surplus o f one o f the local branches to fill the deficit o f another, and
w ill act as the necessary link between them and the main organization o f
the Jewish Reconstruction Com pany in Poland.
Long-term loans will be made to individuals at the rate o f 12% per
annum, 5% o f which will go towards paym ent o f the running expenses o f
the local loan and trust companies, 2 % to the D istrict Federation, 3% to
the main organization o f the Jewish Reconstruction Com pany o f Poland,
and 2 % will go towards the form ation o f a reserve fund against possible
losses.
T o these 70 local loan and trust companies $700,000 will be allotted out
o f the million dollars; while the balance o f $300,000 will go towards subsi
dizing co-operative associations. This allotment has been decided on at
the Warsaw Conference after a minute scrutiny o f the econom ic situation
and the local needs o f the Jews in Poland.
T he leading Jews o f Poland with whom M r. Landesco planned the practi
cal details, greeted the idea with great enthusiasm as an opportunity tor
their countrym en to w ork out their release from the dependence on the
daily bread line. A n index o f the sincerity o f their approval is their pledge
o f $100.000-$200,000 (10% to 20% o f the required capital) out of their
limited resources.

Tu ly 30 1921.]

TH E CHRONICLE

$230,000 has been appropriated for Immediate uso. A h soon an t h e syc
tern is established in Poland and dem onstrates its workability, It will be
extended to include Poland, Latvia, Ozeclio-Slovalda, and the other conn
tries in which the Joint Distribution Com m ittee is operating in its mission
of mercy undertaken by American Jewry on behalf o f their suffering brethren

RU M OR S OF G O V E R N M E N T
I N T E R VE N T I ON
TO
P R E V E N T FOREIGN E X C H A N G E SPECULA TION
DENIED.
R eports regarding intervention by the U . S. G overn m en t
to prevent speculation in foreign exchange which had it is
alleged developed from the handling of the G erm an repara
tions fund s have brought a denial from local bankers of any
G o v ern m en t censure.
T h e “ Journal of C o m m erce” of
July 23 in reporting th at the G ov ern m en t had tak en action
in the m a tte r said:
Speculation in foreign exchange has been developing in this market at so
rapid a rate as to result in Governm ent intervention for the purpose of
checking it. It was learned yesterday that the authorities at Washington
alarmed by the continuous fluctuation in dollar quotations, which has been
causing the utm ost disturbance to our export and im port trade, have brought
the matter sharply to the attention o f some o f the largest operators in cer
tain branches o f foreign exchange in this city.
Those who were thus selected for rebuke, it is said, have been concerned
in handling the German reparations funds and are understood to have em
ployed these funds for the purpose o f bringing about variations in currency
values. It was understood yesterday that an agreement had been obtained
from some dealers that they would discontinue operations o f the kind they
have been engaged in and would endeavor to eliminate German reparations
paym ents as an artificial factor in this market, having only the natural
influences that might be expected to follow from these largo transfers. At
the same time it was intimated from W ashington that some o f the current
indications pointed to an incomplete observance o f the obligations which
have thus been assumed.
European Effort to Stop Speculation.
Shortly after the first large German paym ent, which resulted in placing
about th irty-five million dollars here as an initial instalment, the Repara
tions Commission directed the Germans to cease making paym ent in
American m oney, and to make future paym ents in Allied or neutral cur
rencies. The effort thus made to get rid o f speculation in dollars has not
been successful, and dispatches received yesterday from Germany indicated
that the Reparations Commission had about decided to defer the date upon
which the Germans would have to com plete their paym ents under the first
provision o f the reparations plan, which would have otherwise been kept
at August 31.
Borrowing Here on Foreign Balances.
A factor o f instability in the present situation has been the circumstance
that for some time past business and financial establishments which had
becom e “ tied u p” in foreign exchange have been in the habit o f borrowing
from their banks here with foreign balances as security. W hat the amount
of such loans is cannot be stated but they are said at times to have been
very large.
A t one time an effort was made to put on the market bankers’ acceptances
which were represented b y or were collateraled by funds in foreign banks.
Business concerns which owned these balances, finding that their bankers
were not willing to make direct advances against them , asked the bankers to
accept, with the foreign balances asisgned as security for the acceptances.
A somewhat similar type o f transaction has been found in the dollar accept
ances made under the A ct o f Congress which permitted this type of financing.
A good deal o f the dollar exchange now on the market is representative
o f debts due abroad which cannot be paid in the United States because o f
unfavorable exchange conditions.
These acceptances have been marketed
very widely, their eventual liquidation depending in no small measure upon
the success that is had in bringing exchange on these countries back to
normal. O f this, however, there seems to be little or no prospect at the
present time.
Business Greatly Hampered.
The instability o f exchange at the present time is regarded by leading
exporters as constituting one o f the principal obstacles to the restoration
o f our foreign trade. W ith the market subject as it to-day to manipulative
influences proceeding from those who have some special end to gain by pro
viding themselves with exchange, it practically impossible for the business
man to figure far ahead.
It does not matter m uch that exchange may occasionally go in his con
siderable cash balances at their disposal in different parts o f the world.
The reason for considering the postponem ent was that the Commission
was represented as having become convinced that should Germany be com 
pelled to obtain -what she needed before the end o f August she would un
avoidably resort to this market, with the result that fresh fluctuations in
the value o f the dollar as com pared with marks would take place.
There has been a belief for some time past, both in Germany and in Great
Britain, that an international combination o f banking interests was taking
advantage o f the# transactions grooving out o f the present indebtedness
situation to manipulate exchange with resulting profit to themselves.
Basis o f Trading.
A basis for speculative operations in exchange lias been afforded by the
fact that a very large balance o f unfunded indebtedness exists to-day in
favor o f the United States. This balance is by some estimated as high as
four billion dollars, a sum which consists o f bankers’ balances, unpaid
debts due to merchants, sums due for insurance and shipping services and
other items.
There are others who believe that the debt thus represented has been
reduced from time to time to a much more m oderate figure,som e putting it at
under a billion dollars and explaining the alleged reduction on the ground
that a good deal of the obligations has been proved “ to be bad and has been
written off, while som e has been represented by cancelled orders for goods
and offsetting items o f som e sort or other.
N o doubt all of these factors have had their influence, but whatever they
are it is admitted by everyone that a very large unfunded balance remains,
/’his provides a great quantity o f exchange which m ay be thrown upon the
market from time to time and, in fact, does com e on the market, whenever
fluctuations occur that make it profitable to work o ff some o f the sterling,
francs or lire which are held by American owners. This makes a very
unstable, market in foreign exchange as well as one which is susceptible
manipulation by interests which have favor and so bring him a profit. r\
p o i r i ' , i s that the uncertainty o f the situation subjects him to danger of ]<
and makes it impossible forh im to settle the prices which he is to cha:
for hi^ goods f/r to make satisfactory provision in advance for meeting
bills by acquiring exchange in sufficient amount to settle.

409

Representations have been made to Government authoriUe that unless
they can do something to stabilize exchange their efforts to restore foreign
trade are likely to 1x5 futile. There j no disposition on their part apparently
to undertake a stabilization scheme, but they arts Inclined to work by in
direct methods seeking to remove the manipulative Influence.* which are
now a p ro m in en t factor in the Now Y ork market and trusting l hat the
natural course will |>e more favorable- to tins busine: , man than tins situation
now existing.
Foreign Government Operations.
In iho opinion of those who have been looking closely Into the ituation,
American business men have suffered severely from the. bulling and bearing
o f foreign exchange by governments which have found it to their interest
to “ work" this market. One foreign Government is understood to carry
an Jtom in its budget intended to cover the. cost o f manipulating exchange
quotations through market operations, and it is regarded a undoubted
that these manipulations are chiefly in the American market.
Belief that such is the case Was the basis for the warning issued by the
Washington authorities already referred to. The effort to run the dollar
down as low as possible in order to obtain as many dollars a > practicable
for a given sum in foreign currency when interest or maturities had to be
met hero was the assigned reason for such manipulations, “ natural reaction”
taking place later, but the growing feeling o f the banking com m unity is
increasingly adverse to such transactions. They arc now more and more
recognized as unfavorable to general American business interests. There
is a report in authoritative circles that should these methods be continued,
the result may be the issuance o f orders which would militate quite seriously
against placing future foreign loans in this market, -since these would
continue to provide the means for transactions o f the sort complained of.

A denial of G overn m en t intervention w as contained in the
follow ing, which appeared in the N e w Y o r k “ T im e s ” of
July 2 4 :
Heads o f financial institutions which handled the recent reparation i>ayments from Germany to England and France, and which, in N ew Y ork,
amounted to $50,000,000, yesterday strongly denied that they had been
rebuked by the Government for the wide fluctuations in exchange which
occurred coincident with the payments. According to reports, the Govern
m ent, realizing that damage had been done to im port and export trade by
wide fluctuations in exchange, had taken steps to stop speculation.
Although none o f the bankers who handled the reparations credits here
would talk for publication yesterday, they characterized the reports as
“ absolutely untrue and that they display ignorance as to the manner
in which the reparation payments were m ade.”
They point out that they merely acted as agents in this country for the
Reichsbank, and that the payments made were no different from any
commercial transaction. They simply received funds from abroad, they
say, with instructions from the German Governm ent to hold it in reserve,
and on certain days received additional instructions to pay certain sums
to the Federal Reserve Bank to be credited to the account o f the Bank o f
England and the Bank o f France.
“ W e were merely the third party to the transaction,” said one o f the
bankers yesterday. “ W e cannot be accused o f manipulation o f the ex
change, for, even had we a desire to d o so, it w ould have been impossible.
The credits were sent to us as bankers. On instructions we forwarded our
checks to the Federal Reserve Bank. There our instructions stopped and
there we stopped.”
The occasions on which the exchange dropped violently and on which
the reports o f a rebuke to bankers here by the Governm ent, were based,
occurred on M a y 31 and June 7. *On M a y 31, $35,733’,000 was paid over
by four international banks o f N ew Y ork to the Federal Reserve Bank,
and on June 7 an additional $14,300,000, bringing the total, minus bankers*
charges, to a round $50,000,000.
Just prior to the days on which these payments were made all foreign
exchanges rocked violently, with sterling, francs, lire, guilders and marks
showing heavy losses, and the dollar, as measured in terms o f these cur
rencies, recording a sharp advance abroad. This was occasioned, it has
been believed, by the sale o f the exchanges abroad by Germany, with the
coincident purchase o f dollars to meet the paym ent. This is the explana
tion bankers give and it is generally accepted in the financial district ae
the correct o
n
e
. __________________________

HERBER T HOOVER ON F O R M OF C R E D I T N E E D E D
FOR A G R I C U L T U R E - O U T S I D E OF F E D E R A L
RESERVE A N D F A R M L O A N A R E A .
C om m en tin g on a letter from S ecretary of C om m erce
H erbert H o ov er to Senator C a p p er discussing A gricultural
facilities and their bearing on the present problem s of dis
tribution of farm p rod u cts, J . R . H o w a rd , President of the
A m erican F arm B ureau F ed era tio n , sta te d on J u ly 21 th a t
“ Secretary

H o o v e r ’ s sta tem en t

th a t the Federal R eserve

system cannot be called upon for loans o f over six m o n th s on
agricultural paper w ith o u t jeopardizing the w hole com 
mercial banking structure is ex a ctly w h at the A m erican F a rm
Bureau Federation h as been c la im in g .” M r . H o o v e r in his
letter said:
I am convinced that if com petent inquiry were made it would prove that
great deficiencies lie in our agricultural credit organization in the systematic
provision for those needs mentioned between the terms o f six months and
three years; that is, credits that fall outside the area o f both the Federal
Reserve and the Federal Farm Loan banks.

T h e Secretary in his letter outlines the types of credit
needed in the agricultural in d ustry as follow s:
Loans up to six months for either production or marketing annual produce.
Loans between six mpnths and twelve months for these purposes.
Loans from one to three years for producing and marketing of cattle.
Loans from one to three years for farm equipment.
Long term loans for purchase and improvement.
Obviously all of these needs are partially covered by the farm er’s own
capital, and all o f these fields are partially covered by present credit ma
chinery, and some o f them fully. All o f these credit areas are suffering
in various degrees because o f the present war-born famine in capital just as
are also building, railways and other industries. This situation is getting
steadily better with liquidation o f high prices and therefore a reduction
in the total volum e o f capital needed.
Organization o f farm credits up to six months are covered by the Federal
Reserve System, and its smooth working depends only upon the member
banks and the Reserve Boards. This system , however, being a mobilization
o f the demand deposits o f the country cannot be called upon fori oans o f

THE Cl IKON IOLE

470

over oia months uu agricultural paper without jeopardizing the whole
commercial banking structure— upon the safety of which the farmer is
greatly concerned.
The long term mortgage loans are with the alterations proposed in Con
gress well organized through the balance wheel of the Federal Farm Loan
banks. Home farmers could provide more of their needs in other directions
if they would take; greater advantage of the system instead of reliance upon
short term loans.
1 am convinced that if competent inquiry were made, it would prove that
great deficiencies lie in our agricultural credit organization in the systematic
provisions for those needs mentioned between the terms of six months and
three years; that Is, credits that fall outside the area of both the Federal
Reserve and the Federal Farm Loan banks.
1 am convinced that six months is too short for farm paper in a great
number of cases. The farmer often has to borrow from planting to some
months after harvest unless his produce is to be forced into the markets
Just after harvest instead of over the crop year. This matter has added
importance at the present time because of the recent heavy losses to the
fanners, because of the large carry-overs, because the poverty of foreign
buyers tends to delay their buying until their own crops are exhausted, and
thus necessitates out farmer holding on longer unless he would depreciate
hi^ price. Cattle obviously cannot be handled on six months’ credit. The
alarming increase in tenant farming gives warranty for execution of credit
facilities fur equipment through which he might be helped Into an ownership.
We have been endeavoring to meet temporary and acute situations by
mobilizing the private capital such as the cattle and cotton pools. 1
believe some sort of definite organization should be set up for mobilizing
credit to cover shortage in this special area in the same sense that the
Federal Reserve organizes very short credits, and the Farm Loan banks
mobilize long mortgage credits. Such credits should be supplied from
Investment capital of the country rather than from the commercial pool.
Such a proposal is not paternalistic any more than are the other two sys
tems. As to the precise method, whether by organizing a new department
la the Federal Farm Loan banks, or otherwise, requires much thought and
Investigation, but such a system is, 1 believe, needed and is entirely feasible.

REPRESENTATIVE M cFAD DEN'S RURAL CREDIT BILL
A bill “ to standardize paper for agricultural production,
to establish discount markets for such paper, to create two
necessary fiscal and financial agents for the Government of
the United States,” & c., was introduced in the House on
July 21 by Representative M cF ad d en, Chairman of the
Banking and Currency Com m ittee. The bill would create
two corporations by separate charters, a Rural Credit So
ciety and a Liberty Insurance League. The capital of the
central bank of the Society would consist of a guaranty fund
of $ 2 5 ,0 0 0 ,0 0 0, to be furnished by the Government, the latter
to be reimbursed in both principal and interest through the
sinking fund of the credit society. The bill differs from one
introduced Feb. 21 1920, chiefly in that the present bill
provides that the credit society shall pay interest as well as
the principal on the Government loan, whereas the former
bill provided for the repayment of the principal only. D otails of the provisions of the present bill and the corpora
tions it proposes to create, were outlined as follows in the
“ Journal of Commerce” of July 22:
Each State will have one branch with $50,000 capital each, the capital
for the branches to be furnished by the big life insurance company which
accepts the Federal multiple insurance charter. There will be any number
of community associations, which are denominated communes, the capital
of which will be subscribed by farmer members.
The purpose of the rural credit society is to standardize paper for agri
cultural production and thus give the farmer access to the financial and in
dustrial centres for the sale of such paper, whereas under the deposit bank
ing system, he is restricted to the locality in which the bank is situated.
It is contended that this would not only reduce the interest rate which the
farmer would have to pay, but would improve our whole banking system
and at the same time capitalize the honesty and energy of the tenant farmer.
The purposes of the multiple insurance league are twofold: First, to fur
nish soimd and economic insurance o f every kind as security for the farmer
who has accumulated no property to pledge for credit; second, to act as a
useful agency in the standardization o f such farm credit paper. The insur
ance league can neither accept nor reject a piece of the paper created by
the rural credit society, but it is given full power to inspect the conduct of
the credit society and to hold one of the keys to the credit society’s securities
vaults and thus inspire the confidence of the investing public in such paper.
It has been eighteen months since Chairman McFadden first introduced
this bill, when he declared in a speech in the House that “ our banking sys
tem does not meet the needs o f cattle breeding and dairying industries.”
That statement has been verified since then by the frozen assets of the
country banks which have been doing that class of business, according to
advocates o f the bill.
The principles o f this bill have been endorsed by the American Agricultural
Educators’ Association, the American Farm Bureau Federation and many
of the economists of agricultural colleges. The bill is intended to afford the
machinery by which the farmer may finance his productive activities free
from Government interference and coddling.

FARMERS OBJECT TO REPRESENTATIVE M c F A D D E N ’S
RURAL CREDIT BILL.
“ The rural credit and multiple insurance bill recently re
introduced by L. T . M cFadden, Chairman of the House
Banking and Currency Com m ittee, seeks to use as its vehicle
one of the big life insurance companies, and if successful, this
company operating under this A c t, would be given such
advantage over other companies as to create a m onopoly,”
Jt was stated by J. R . Howard, President of the American
Farm Bureau Federation on July 25 in commenting upon the
bill.
“ There is also,” he said, “ great danger in the con-

[V ol. 113.

templatod national charter for this insurance com pan y.”
M r. Howard added:
The farmers of the United States would not accept such a measure unless
it was so specifically drawn as to make fullest use of the present existing
farm mutual and co-operative local companies. These have proved their
worth for many years and have provided the farmers with the best and
cheapest insurance in the world. Even a suggestion of any company which
might absorb or displace the local mutual will be strenuously opposed.
Moreover the farmers will insist upon whatever hill they endorse being writ
ten in direct United States terminology rather than European phraseology
used in the McFadden Bill,
Much has been said of late regarding farm credit loans based upon insur
ance features and at a conference of the American Farm Bureau Federation
held in Washington In April, careful consideration was given to the question
of insuring farm credit and the principle was endorsed, but not the McFad
den Bill.

ANALYSIS

OF

CREDIT HISTORY
DURING
EIGHTEEN MONTHS.

LAST

According to a synopsis of the credit history of the last
eighteen m onths, just made public by the National Credit
Office, Inc., of this city, only 89 concerns, or 2 .4 % of 3 ,6 7 6
concerns selling their paper in the open market have been
forced to ask indulgence from their banks,and from informa
tion obtained so far, it is stated, 6 0 % of these concerns will
ultimately pay in full. The statement issued in tho matter
by the National Credit Office follows:
A brief synopsis of the credit history of tho last eighteen months in our
immediate sphere may dispel to a certain extent undue pessimism about what
has actually occurred in that period.
Undoubtedly vagueness has an important bearing on adverse mental
attitude and it seems well in the circumstances to give the facts that defin
itely contradict the general extremely unfavorable impression prevailing
at the moment, even in tho minds o f many of the best informed bankers and
business men in this country, regarding tho number of concerns financing
in the open market whose affairs have become seriously involved.
The figures quoted in this letter have never been issued before.
According to the records of our Bank Service Department, 3,676 concerns
each with a capital in excess of $250,000 sold notes in the open market be
tween Jan. 1 1920 and July 1 1921.
These concerns are tho most widely known traders and manufacturers
in the United States in every industry.
The classification according to trades of these open market names is as
follows:
Dry goods_______
31.5% ILumber, furniture and paper. 6.2%
F oodstuffs----------------------------22.3% |Hardware, autos_____________ 17.0%
_14.2%
Rubber (tires) & leather (shoos) 8.8% |Miscellaneous________
During the last eighteen months only 89 concerns or 2.4% of the 3,676
selling their paper in the open market have been forced to ask indulgence
from their banks, and from information obtained so far, at least 60% of
these concerns will ultimately pay in full.
This is a trade grouping of these 89 names:
Year
6 Mos.
1920.
Dry Goods—
1921.
5 (a) Textile Mills______________________________________________
6
9 (b) Jobbers &exporters________________________________________
3
0 (c) R etailers_________________________________________________
0
5 (d) Cutters___________________________________________________
5
9 F oodstu ffs__________________________________________________
5
8 Leather & rubber_____________________________________________
5
0 Lumber, &c_________________________________________________
1
3 Hardware, steel, autos________________________________________
4
16 Miscellaneous &luxuries___________________________________
5
The following decimals represent the ratios of extensions or adjustments
to the total number selling paper in each division of industry:
D r y g o o d s ___________________ .0281Lum ber_____________________ .004
F oodstuffs___________________ .0171Hardware____________________ .011
Rubber & leather____________ .04 |M iscellaneous________________ .04
While this is the largest number of names ever involved in any period of
like duration, the factors causing this condition were without precedent and
Paper names as a whole withstood the recent shock with a lower depreciation
than any other form of short term mercantile investment.
For we find that out of 3,676 concerns, 3,587 automatically liquidated at
maturity dollar for dollar on the amount invested at a time when inventories
were shrinking from 40 to 60% and business in general had become utterly
demoralized.
Fifty-three of the 89 concerns involved have or will pay one hundred cents
on the dollar— and it is reasonable to suppose from information obtained so
far that the remaining concerns will make average adjustments of about
55% with their creditors.
The total amount of open market paper sold through note brokers from
Jan. 1 1920 until July 1 1921 was approximately $4,000,000,000, and of
this amount $3,896,000,000 was liquidated at par without effort on the
part of the holding banker.
Only $104,000,000 of this immense sum was not paid at maturity and of
this amount $62,400,000 has since been or will be liquidated in full, leaving
a residue of only $41,600,000 to be adjusted.
This residue will probably yield dividends o f $22,SS0,000 netting a loss
to the entire banking community of the United States through this form of
investment during the most critical readjustment period in our economic
history of about $18,720,000 or .0047% of the total amount purchased.
The most significant fact relative to these suspensions is that the number
has sharply diminished each month since February 1921.
At the same tune, the new financial statements coining out generally
show smaller surplus accounts with decided improvement in the ratio of
quick assets to liabilities, while many concerns that have passed or reduced
their dividend within the last year or so show unusually strong cash posit ions.
From now on, two factors will have a very important bearing on business
psychology.
1. The fact that several industries are well on the upward swing and re
employment has noticeably increased in those lines.
2. That tho period has been reached when the comparison between the
earnings of a year ago and this year are extremely favorable in a number of
industries, in strong contrast to the depressing comparison between these
months of 1920 and 1919.
It is just possible that we all, in looking backward have been over-pessi
mistic and the figure, that have been quoted may be of some slight help in
dispelling the unjustified gloom that has prevailed regarding Open Market
credits. m

J

uly

30

1 9 2 1 .]

THIS CHRONICLE

SEN A TOR KELLOGG'S SUBSTI TUTE FOR NORRIS
FA RM EXFORT F I NANCI NG BILL.
Following President Harding’s message to Congress on
Tuesday relative to financing in behalf of the railroads, in
which he also advocated the broadening of the powers of the
W ar Finance Corporation to moot agricultural, needs, Sena
tor Kellogg, of Minnesota, introduced, a bill on July 20, in
tended as a substitute for the Norris farm export financing
bill, and to conform to the views of the Ad ministration.
This bill, it is stated, was drafted by Secretary of Commerce
Hoover and Eugene M eyer, Managing Director of the War
Finance Corporation. As to an explanation of the bill by
Senator Kellogg, a New York “ Tim es” Washington dispatch,
July 26, said in part:

471

A h a matter of Justice, if tho Government In to aid one ela;-: . It should also
aid tho others. Wo aro fortunato In not having a bankrupt Government.
There can bo no greater help to tho world than to koop the Government of
tho United States and the business of tho country solvent. Hut It cannot be
done If wo plunge our hands Into tho Treasury and take out vast sums to
help one class of people.
in my judgment the enactment of this measure would result In no perma
nent benefit. Tho salvation of this country Is going to come, as It always
has from tho energy, thrift, economy and hard work of the American people.
I realize how eager people are if they see a charico to get something for
nothing. Hut In the long run somebody always must pay.
There is no use in trying to deceive the people by measures of this kind.
The expenditures called for must bo paid, from the collection of taxes, in
legislation of this sort you are traveling the road to national insolvency and
the Russian printing press. The activities of the War Finance Corporation
might be extended so as to enable that organization to aid agriculture. I
cannot vote to pass a law which would make the United States Government
responsible for $1,000,000,000 of securities In addition to what it Is now
carrying, when T believe firmly that it is in pursuit of a vision.

Senator Kellogg made a two-hour speech explaining the provisions of tho
Senator Edge of New Jersey in speaking in opposition to
Administration substitute, and pointed out that under it tho Government the bill on July 19 declared it was unnecessary for two
would not go into tho business of buying and selling agricultural products reasons, viz.:
for export. The Norris bill, he continued, creates a new agency with a
First, the “ emergency” for which it is designed will be past before it can
capital of $100,000,000, and the authority to issue $1,000,000,000 in become operative; second, in the War Finance Corporation and private export
bonds, while the substitute utilizes an existing agency, the War Finance
finance corporations ample agencies can be provided to handle the farmers’
Corporation, which has four years of experience behind it, with funds in
exports, as has been proved and is being proved daily. It may be that those
the Treasury, and with available credits of more than $400,000,000.
corporations can bo encouraged by further legislation, such, for instance,
The substitute measure. Senator Kellogg explained, provides that when as Government guarantee of foreign collateral for American loans, and
in the opinion of the board of directors of the War Finance Corporation
perhaps in other ways, but the private corporations will be strangled when
there has accumulated an abnormal surplus of American agricultural Uncle Sam throttles them with the clutch of Government rivalry.
products, as a result of the disruption of export trade due to war conditions,
A s to Senator Norris views relative to the Administration
and the ordinary banking facilities are inadequate to enable producers or
dealers to carry them until they can be exported in an orderly manner, the bill, tho New York “ Times ” of July 28 in a W ashington dis
War Finance Corporation will have the authority to make the necessary patch said in part:
financial advance. These advances may be made for periods not exceeding
Tho bi-partisan group of Senators from the agricultural States, formed to
one year from the respective dates of the advances.
work for farmer legislation, appears to be stranded on a sand bar as a
The corporation also receives authority to render assistance to any person, result of tho introduction of the Administration’s substitute for the Nonas
firm, corporation or association engaged in the marketing of products for Farmers’ Export Corporation bill. Passage of the substitute bill is assured,
export, the advances to bear interest o f not less than 1% in excess of the although Senators who are still backing Norris will fight to the last.
rate of interest for ninety-day commercial paper prevailing in the Federal
The group was in secret session this morning and the meeting according to
Reserve District in which the borrower resides. Like authority is also rumor, was a stormy one at times. For the first time since it organized the
given the Finance Corporation to aid banks that make advances to such members divided, and it is reported to-night that a majority of them will be
persons, firms or corporations as are contemplated in the preceding sections found voting for the Administration bill.
referred to, these advances to bear interest at rates fixed by the War Finance
In the Senate to-day Senator Norris made a bitter attack on the measure,
Corporation. The power of renewal, substitution of new obligations, and which he styled an “ illegitimate” thing, not representing the views of
the extension of time of payment, is also authorized by the new bill. The those who know the “ deplorable plight” of the farmers but of Secretary
corporation has the powder to require additional security at any time.
Mellon, Herbert Hoover. Eugene Meyer Jr., and other persons not cognizant
For the purpose of aiding agriculture, the War Finance Corporation is of the crisis that confronted the producers of agricultural wealth.
further granted the power, whenever in its opinion the public interest may
require it, to make advances to any bank, banker, or trust ocmpany in the
United States which may have made advances for agricultural purposes. RESOURCES OF W A R F I N A N C E CORPORATION— W H A T
Such advances will be made in such form as to impose on the borrowing
THE U NI T E D STATES TREASURY OWES IT.
financial institution the obligation to pay at maturity with interest the
Extent to which the W ar Finance Corporation can be in
loans to be adequately secured by “ endorsement, guaranty, pledge or
otherwise.”
voked at present to lend aid for the purposes outlined in the
Likewise the corporation has the authority “ in exceptional cases” upon President's message, is embraced in its capital and its power
such terms as it may determine, which are not inconsistent with the law to
purchase from banks or other financial institutions, notes, drafts, bills of ex to sell bonds in the market, says the “ W all Street Journal’ ’
change, indebtednesses secured by chattel mortgages, warehouse receipts, in its issue of July 27.
President Harding mentioned $ 5 0 0 ,bills of lading, or other instruments in writing “ conveying or securing 000,000 as perhaps necessary to meet the requirements of
marketable title to staple agricultural products including live stock.”
The time for the payment of the above obligations cannot be extended the railroads, but he made no reference to the potential
longer than two years.
requirements in connection with agricultural and livestock
It is stipulated that the aggregate amount of all advances made under the
relief. The “ W all Street Journal” then goes on as follows:
provisions of the sections referred to shall never at any one time exceed
The authorized capital of tho Corporation, $500,000,000, has been fully
$ 1 , 000 , 000 , 000 .
issued
and is owned entirely by the Government. But much of the capital
The country banks said Senator Kellogg have loaned heavily to the
was used by the Corporation in carrying out its principal activity since the
farmers and we need something more than loans to finance exportation.
In a general way, the Senator continued, the War Finance Corporation war, namely the purchase of Liberty bonds and Victory notes in the market.
will extend credit to the firm or individual in the exporting business and When the Corporation discontinued operations early last year, it turned
that firm or individual wall in turn give credit to the foreigner who desires over to the Treasury a large amount of these war bonds which it had pur
to purchase a part of our surplus supplies. The section of the Norris bill chased, and for which it holds a certificate or cash credit with the Treas
authorizing loans to Governments, Senator Kellogg said, was objectionable. urer of the United States.
For the Corporation to secure funds from the Treasury, therefore, at the
Well, I want to say said Senator Ransdell of Louisiana, that in the
abnormal conditions existing all over the world there will not be any ex present time, and under existing provisions of the Act, the Treasury must
pay for the redeemed bonds, which so far have been represented by a credit
tensive exportations under this arrangement.
I consider replied Senator Kellogg, the War Finance Corporation to entry against the capital subscribed by the Treasury.
War Finance Corporation has bn hand, at the moment, a cash credit with
be one of the best agencies created during the war. I believe that its aid to
farmers, bankers, exporters and others will be of far reaching benefit to the the Treasurer of the United States of $403,827,771. It has outstanding
country in this time of stress. The corporation now has its agencies in all loans amounting to $99,903,839, of which $65,856,479 represents loans made
parts of the world and anything we do to strengthen it will be of great bene under its war powers.
Its outstanding loans, made under its export finance authority, total
fit to producers as well as the banks and other persons affected.
Senator Ransdell, opposing the substitute, said he would vote for the $34,047,359.
Total loans heretofore made under its war and post-war powers aggregate
Norris bill, but added that if the Norris measure is defeated he will vote for
$359,586,049. Repayments aggregate $259,682,210.
the substitute as the “ next best thing in sight.”
Repayments of loans made under its export financing authority total
On July 28, the Senate Agricultural Committee reported $18,820,034. Repayments of loans granted under the war power total
a measure embodying the features of the Kellogg bill, with $240,862,176.
According to the annual report of the War Finance Corporation as of
certain changes. Important changes in the Kellogg bill
Nov. 30 last, its aggregate liabilities were shown to be $537,109,439, con
recommended by the committee included doubling of the sisting, besides the capita* stock, of $36,982,739 of earnings and a small
bond issue authorization of the W ar Finance Corporation amount of bonds still outstanding, with interest, &c. Against these lia
from one to two billion dollars to give the corporation a bilities, the Corporation had $374,313,439 due from the Treasurer of the
greater credit fund. The committee also added an amend United States, $117,726,824 in loans to railroads and on exports, &c.,
$7,434,750 remaining as war bond investments, $32,854,450 invested in
ment authorizing the Finance Corporation to extend export U. S. certificates of indebtedness, together with other sundry assets.
At tho present time, however, the Treasury owes the Corporation over
credit direct to producers as well as to bankers and exporters,
$400,000,000, which was largely the proceeds of sale of Government obliga
and a provision authorizing loans direct to foreign Govern tions. Since Nov. 30 activities of the War Finance Corporation have been
ments which should purchase agricultural products in. this revived and in order to obtain funds to make the loans on cotton, &c.,
country. According to Washington press dispatches, most effected by the Corporation in the meantime funds have been realized from
the repayment of other loans.
of the committee members, except Chairman Norris and one
Under the provisions of the War Finance Corporation Act, the Corpora
or two others, were said to be behind the new bill. On July tion was empowered originally to issue bonds up to six times the amount of
18 the Senate by a vote of 47 to 17 decided to give the Norris capital, or $3,000,000,000. But there was only one issue of one-year 5%
bonds, amounting to $200,000,000. Since tho corporation, however, is
bill priority in the Senate over the Campbell Anti-M edical now operating under the amendment of March 3 1919, it is limited to a loan
beer bill . On July 22 it was reported that as a result of tho making capacity of $1,000,000,000, for the purpose of financing domestic
opposition of Senator Lodge and other Administration exports.
The bonds of the Corporation are not guaranteed by the United States
leaders in the Senate, the supporters of the Norris bill were Government, but would bo marketable on account of the ownership of the
ready to accept a compromise with opponents. Senator entire capital by the Government.
It Is on the strength of these existing resources of the Finance Corporation
Lodge in voicing bis opposition to the bill in the Senate on. that tho President said It would not be necessary to ask Congress to make
July 21 was reported as saying in part:
additional approx>rlations for the measures outlined.

472

TH E CHRONICLE

WA R F I N A N C E CORPORATION'S CASH CRH HI T WI TH
TREASURY $ 4 0 3,82 7,771 .
A statement issued by the W ar Finance Corporation on
July 27 regarding its cash credit, outstanding loans, & e.,
follows:
The War Finance Corporation has on hand a cash credit with the Treas
urer of the United States of $403,827,771 29.
it has outstanding loans amounting to $99,903,839 39, of which $65,856,479 59 represent loans made under its war powers.
Its outstanding loans made under its export finance authority total
$34,047,359 80.
Total loans heretofore made under its war and post war powers aggregate
$359,586,049 58.
Repayments aggregate $259,682,210 19.
Repayments of loans made under its export financing authority total
$18,820,034 01.
Repayments of loans granted under the war power total $240,862,176 18.

A D V A N C E S BY WA R F I N A N C E CORPORATION FOR
F I NA N C I N G OF EXPORTS OF SUGAR MI LL
MACHINERY.
The W a r Finance Corporation announced on July 26 that
it had agreed to make an advance of $ 3 7 ,500 to an exporter
for the purpose of assisting in financing the exportation of
sugar mill machinery to Cuba. This advance is similar to
the advance of $250,000 for the purpose of financing the
exportation of sugar mill machinery to Cuba which was
announced by the Corporation on July 21.

APPLI CATI ON M A D E TO W A R F I N A N C E CORPORA
TION FOR A D V A N C E ACCOUNT OF COTTON EXPORTS.
On July 25 the W ar Finance Corporation announced
that a preliminary application had been received for an ad
vance on 5 ,0 00 bales of cotton from a Tennessee exporter.
It is stated that this probably will be arranged through the
Federal International Banking Company of N ew Orleans.
Eugene M eyer, Jr.. M anaging Director of the W ar Finance
Corporation, anent the announcement said:
1 am extremely gratified that the Federal International Banking Com
pany, which is the Edge Law Bank with $7,000,000 subscribed capital
formed hy 1,400 banking and commercial subscriptions from all over the
South, is finding practical ways of co-operating with the War Finance
Corporation. The Corporation would not hesitate to make large advances
in addition to those already granted to this Institution which was formed
especially to finance the orderly marketing of Southern products for export
sale.

BURE A U OF M A R K E T S TO SUPERVISE WAREHOUS I NG
OF COTTON PLEDGED FOR LOAN TO STAPLE
COTTON CO-OPERATIVE ASSOCIATI ONS
Arrangements have been made by which representatives
of the Bureau of M arkets of the Department of Agriculture
will supervise for the W ar Finance Corporation the ware
housing and classification of the cotton pledged as security
in connection with the recent loan of $ 5 ,0 0 0 ,0 0 0 to the
Staple Cotton Cooperative Association, according to a
statement issued by the W ar Finance Corporation on
July 25.
This loan was referred to in our issue of last week,
page 348.
In its announcement relative to the supervision
to be exercised by the Bureau of M arkets the W a r Finance
Corporation stated at the same time that the disbursement,
of the funds to the Cooperative Association as the cotton is
inspected, classified, and warehoused will be made through
the New Orleans branch of the A tlanta Federal Reserve
B ank, or the M em phis branch of the St. Louis Federal
Reserve Bank, acting as the fiscal agent of the Corporation.
Eugene M eyer, Jr., M anaging Director of the W ar Finance
Corporation, in a statement in the matter said:
Here is a concrete illustration o f the actual application of the standing
policy of the Corporation to utilize to the fullest possible extent the facilities
of the other branches of the Government service. In this way, we not
only avoid duplication o f work and machinery, but the Corporation is
enabled to conduct its operations with the minimum expense and the
maximum protection. As soon as the loan to the Staple Cotton Coopera
tive Association was approved, the cooperation of the Department of
Agriculture was sought, and was readily granted. Several conferences were
held with representatives of the Bureau of Markets, which is charged with
the administration of the Federal warehouse act, and it was arranged that
the field force of the Bureau, with such additions as may be necessary,
will be used to supervise the warehousing and classification of the cotton
in a way that will fully safeguard the interests of the Government.
It is the constant aim of the War Finance Corporation to keep in close
contact with other governmental agencies whose functions touch in any
way the work of the Corporation. The Secretary of the Treasury is Chair
man ex-officio of its Board of Directors, and Director Cooksey acts as
Assistant to the Secretary of the Treasury. The Corporation thus is in
current touch with Treasury operations which have any bearing on its
activities, Mr. McLean, another director, is intimately familiar with
farming, live stock, and banking problems in the agricultural districts of
the South and West. He is not only a country banker, but he is also one of
the largest farmers in his county in North Carolina, which is the third
largest cotton producing county in the United States. Director Davis
represents the Corporation on the Economic Liasion Committee of the
State Department, the purpose of which is to bring together for common
co%ms^i, at frequent intervals, the representatives of all the Government

[ V ol . 113.

agencies having to do with foreign trade, lie also represents the Corpora
tion in its relations with the Department of Commerce. Floyd R. Harrison,
Assistant to the Managing Director, was for nearly fifteen years a member of
the staff of the Department of Agirculture and for several years served as
Assistant to the Secretary of Agriculture. He has thorough knowledge of
the organization and functions of the Department of Agriculture and is in
frequent touch with its representatives. 1 may add that two representatives
of that Department were sent abroad in June to attend the World Cotton
Conference and to study the markets for American agricultural products in
Europe, and arrangements have been made for the Corporation'to receive
copies of their reports.
The Comptroller of the Currency participates in some of our important
conferences and cooperates with the Corporation by furnishing it reports
on banking matters when necessary. The Managing Director of the Cor
poration confers frequently with the Secretaries of the Treasury, Commerce,
state, and Agriculture and keeps them currently advised of the progress of
the work of the Corporation. The Corporation has no desire to build up a
large organization of its own. It prefers to use the facilities afforded by the
regular established agencies of the Government wherever and whenever it is
possible to do so, and I am happy to say that it has had the most whole
hearted and effective cooperation in every instance.

$50,000,000 POOL I N A I D OF LI VE STOCK I N D U S T R Y .
In indicating that the $ 5 0 ,000,000 pool in aid of the live
stock industry was ready for business, the New York “ Even
ing Post” printed on July 16 the following from Chicago
under date of July 14:
The stock Growers’ Finance Corporation, the $50,000,000 bankers’ live
stock pool recently formed to aid the live stock industry, has completed its
organization and is ready for business. Rediscount of cattle paper from
bankers and cattle loan companies is its object. No direct loans will be
made and the discount rate will be 7% .
All loans offered must be secured by mortgages on live stock showing a
liberal equity in values above the amount advanced and must be accom
panied by an unusual amount of details, which are: Report of an inspector,
showing number and quality, and his estimate of the value of the security;
original chattel mortgage or certified copy showing recorder’s certificate;
office copy of the chattel mortgage need not be certified; financial statement
of the maker of the paper and character of the record. All loans must be
eligible for rediscounting with the Federal Reserve banks, and the papers
should be prepared accordingly.
On all notes, the last, as wrell as all previous endorsements, must waive
demand notice and protest. Loans will be accepted with date of maturity
running six months or less, and if found satisfactory wrill be extended or
renewed for periods of six months or less, not exceeding a total length of
time of thirty months from date of loan, at which time payment must be
required.

Our last reference to the cattle pool appeared in the
“ Chronicle” of July 16, page 244.

R E P A Y M E N T S ON ACCOUNT OF LOANS ON W H E A T
EXPORTS TO BELGI UM.
The receipt of the July payment installment of $1,176,0C0
on loans made last year to a group of banks to finance wheat
exports to Belgium was announced by the W a r Finance Cor
poration on July 24. The total advance was $1 1 ,2 2 9 ,0 0 0 .
Repaym ents now total $ 2 ,3 5 3 ,0 0 0 , while $3 ,3 0 0 ,0 0 0 is
due in August and September. Repayment in full by
September 1922 is required.

WOOL POOL PL AN AB A N DO NE D.
A Minneapolis dispatch July 20 published in the New
York “ Commercial” says:
Northwest bankers have abandoned the project— announced some time
ago— of creating a wool pool to finance growers desiring to hold wool pending
better market conditions. The reason is given as the rise in wool prices
during the last month.
With wool bringing 15 cents a pound in the Northwest now, special
finance assistance probably is no longer required, said E. W. Decker,
President of the Northwestern National Bank in a statement today.

W. A. SA D D ' S CRI TI CI SM OF CHANGES PROPOSED
I N POSTAL SAVI NGS SYSTEM.
Criticism of the plans of Postmaster-General W ill H . Hays
for changing the postal savings system has come from W . A .
Sadd, President of the Savings Bank Division of the Ameri
can Bankers’ Association and President of the Chattanooga
Savings Bank, of Chattanooga, Tenn. The changes pro
posed by the- Postmaster-General— one of which calls for
increasing the rate of interest on postal savings deposits
from 2 % to 3 % — were indicated in these columns in our
issue of July 9, page 135. M r . Plays contends that the
adoption of his plans would draw forth a billion dollars now
withheld from circulation. M r . Sadd characterizes M r .
H ays’s plans “ plausible but ineffective" and his argument
therefor as “ interesting even if inexact," and adds:
As to currency which is now hoarded by being withdrawn entirely from
circulation, we are interested in learning the basis for any estimate, either
for Mr. Hays’s estimate of one billion dollars or even the probable nuioh
smaller amounts.
Will an increase of even 1( ; in interest rates serve in the slightest degree
to bring into any depository those funds now hoarded by reason of ignorance
prejudice or fear? The unanimous verdict of those who have studied the
available statistics and the psychology of savings depositors is in the
negative.
The Postmaster-General st ates most emphatically that the Postal 8a\ mg*
system shall not compete with savings banks. His plan conflicts with thaw
intention. However, there is much that the Government van do to pro
mote savings without adding to the ta\ burden Involved in the clerical and

publicity work evidently before the Postmaster-General. The Pont Offlecan utilize the nation wide and oven world-wide banking system of thin
country. I suggest for purposes of argument:
1. A study of the savings bank business by a commission of savings
bankers, business men and perhaps a few politicians and Socialists to bo
soleeted by the President of the United Htatos with the co-oporatlon of the
American Bankers' Association.
2. Utilization of post offices and postal employees for collecting savings
deposits which shall bo forwarded each day to local or nearby savings banks,
the depositor to receive the dividends declared or the interest paid by the
bank depository less the actual cost to the Government of performing the
service. The bank depository should be an institution which will hold
those funds for the purposes usually selected by professional savings bankers,
of which real estate mortgages are the most common. Never should our
official employees be permitted to obtain Treasury funds by the costly and
wasteful and inefficient method of a Government savings bank. The results
of local thrift and savings are needed for financing community development.
Every professional savings banker as well as every other banker and
financier will sympathize with the problem of the Postmaster-General as
manager of a postal system which has fallen far short of the predictions by
its sponsors and also has fallen so far short of attaining the American idea of
success. The system is not a competitor of the banks, although it may be
urged that it penalizes community thrift and progress in so far as if •with
draws savings. Wo therefore submit our services in any advisory capacity
which Mr. Hays may select.

EXTENT OF POSTAL SAVINGS DEPOSITS.
The
S y ste m

t o t a l d e p o s its
on

Juno

473

THE CHKONICLE

30 1921.]

J uly

in

30

th e

w ere

U n ite d

S ta te s

P o sta l

a p p r o x im a te ly

h is g u e s t s , s h o u ld
2

to 2 % ,

th o

fu n d s

in

th e

i n t e r e s t r a t e fr o m

s a v i n g s s h o u ld
O f f ic e s a n d

th e

m e th o d

th e b a n k s

of

w h ere

c o m p u tin g

th e

b e r e f o r m e d s o t h a t t h e d e p o s it o r s s h a ll re

in t e r e s t o n

fu n d s

h e ld

le s s

th an

b e a llo w e d a n d

o n e y e a r ; jo in t a n d

th e y o u th

lim it r e m o v e d ;

b e r e c e iv e d a t 5 0 , 0 0 0 i n s t e a d

f o u r t h - c la s s p o s t m a s t e r s

s h o u ld

o f 6 ,2 0 0

P ost

b e fa ir ly

com 

p e n s a te d fo r h a n d li n g t h e b u s i n e s s ; a n d t h e f u n d s s h o u ld
r e -d e p o s it e d i n t h e lo c a l b a n k s w h e r e c o lle c t e d
lib e r a l

arran gem en t

q u a lify .

The

p e r fe c te d

fo r

P o s tm a s te r -G e n e r a l

and

d e p o s ito r y
has

had

a

be

a m ore

banks

to

num ber

of

c o n fe r e n c e s w i t h t h e m e m b e r s o f t h e S e n a t e a n d H o u s e C o m 
m i t t e e s o n P o s t O f f i c e s a n d P o s t R o a d s w h i c h h e d e s ir e s to
h a v e jo in t ly

occupy a

p o s itio n

to

th e

P o s t O ffic e

D e p a rt

m e n t a s c le a r ly a s p o s s ib le a n a la g o u s t o t h a t o f t h e B o a r d o f
D i r e c t o r s in a n y la r g o b u s in e s s ; t o h a v e t h e m a d v i s i n g c o n 
t i n u a lly

as to

th e m e th o d s o f im p r o v e m e n t and

o p e r a tio n

a n d t o t a k e a n a c t i v e , c o n t i n u i n g a n d i n c r e a s i n g i n t e r e s t in
s e r v ic e .

th ese

$ 1 5 3 ,0 0 0 ,0 0 0 .

in c r e a s e

r e -d e p o s i t e d ;

t r u s t f u n d s s h o u ld

th e

S a v in g s

are

i n t e r e s t s h o u ld
c e iv e

be an

w ill) c o m p e n s a t o r y r a t e c h a r g e d

He

e a r ly

c o m m itte e s

expressed

to g e th e r

w ith

h i m s e lf
th e

as

J o in t

d e s ir in g

P o s t a l S e r v ic e m i g h t b e p la c e d in “ h i g h g e a r ”
O ffic e D e p a r t m e n t .

th a t

C o m m is s io n

on

in t h e P o s t

T h i s d i n n e r w a s a n o t h e r s t e p in t h a t

D u r in g th e m o n th o f J u n e , B o s t o n , M a s s a c h u s e t t s , g a in e d

d i r e c t io n .

$ 6 7 ,8 7 8 , a n d T a c o m a , W a s h in g t o n , g a in e d $ 1 0 ,2 7 9 .

re ta ry o f th e T r e a s u r y , th e A tto r n e y -G e n e r a l an d th e P o s t 

T h ese

T h e P o s ta l S a v in g s L a w p r o v id e s t h a t th e S e c 

w e r e t h e o n ly t w o o ff i c e s w h i c h a d v a n c e d m o r e t h a n $ 1 0 , 0 0 0

m a s te r -G e n e r a l

d u r in g

P o sta l S a v in g s.

th e

m o n th .

P o c a te llo ,

Id a h o ,

m ade

a

very

su b

s t a n t i a l g a i n i n d e p o s i t s a n d is n o w i n t h e “ $ 1 0 0 , 0 0 0 c l a s s . ”

th e

T h e r e a r e n o w 1 3 3 o ff i c e s w i t h o v e r t h a t a m o u n t o n d e p o s i t .

fa v o r e d

I t is n o t e w o r t h y

th a t P u e b lo ,

C o l o .,

d e s p ite its

d isa stro u s

f l o o d d u r in g t h e e a r ly p a r t o f J u n e , s h o u l d s h o w a s u b s t a n t i a l
i n c r e a s e in d e p o s i t s .

T h e a tt a c h e d s t a t e m e n t c o n ta in in g a

l i s t o f t h e p o s t a l s a v i n g s d e p o s i t o r y p o s t o f fi c e s w i t h a m o u n t s

d in n e r ,

m ig h t

th e

B oard

of

D ir e c to r s

of

th e

M r . M e llo n a n d M r . D a u g h e r ty a tte n d e d

p a r tic ip a te d

th e
be

c o n s titu te

p la n .

It

e n la r g e d

in

has

under

th e

d i s c u s s io n

and,

it

been

su g g e ste d

th a t

th e

th e

re o rg a n iz a tio n

to

is

s a id ,
B oard

i n c lu d e

a

r e p r e s e n t a t i v e o f t h e F e d e r a l R e s e r v e s y s t e m a n d a ls o p o s s i b l y
a n o th e r

m em ber

G overn or

of

th e

not

in

F ed eral

o ffic ia l

li f e .

R eserve

G overn or

H a r d in g ,

B oard,

and

B e n ja m in

C ity

F ed eral

o n d e p o s it in e x c e s s o f $ 1 0 0 , 0 0 0 w a s m a d e p u b li c b y t h e P o s t

S tro n g ,

O ffic e D e p a r t m e n t D iv is io n o f P o s t a l S a v in g s , o n J u ly 2 0 :

B a n k , w e r e p r e s e n t , p a r t i c i p a t e d in t h e d i s c u s s io n a n d a re

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
36.
39.
46.
41.
4?.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.

60. Long Island City,
N . Y __________
61. Atlantic City, N. .I . .
62. Jamaica, N. Y ______
63. Staten Island, N . Y _
64. Altoona. Pa_.............
65. Bayonne, N. J_____
66. Phoenix, Ariz______

th e

N ew

Y ork

R eserve

Flushing, N . Y ____ $208,927 a ls o s a id t o h a v e f a v o r e d t h e p l a n . J o h n J . P u l l e y n , w h o w a s
208,924
Chester, P a_______
208.518 a ls o p r e s e n t , is t h e P r e s id e n t o f t h e E m i g r a n t s I n d u s t r i a l
6 9 . Camden, N . J _____
207,761
70 . Bellingham, W ash,
196,324 S a v i n g s B a n k o f N e w Y o r k , a n d is in s y m p a t h y w i t h t h e
71 . Mount Pleasant, Pa
193,732
72 . Memphis, Tenn__
193,682 p u r p o s e o f t h e P o s t O f f i c e D e p a r t m e n t t o c h a n g e t h e s y s t e m ,
73 . Birmingham, Ala__,
192,079 in c r e a s e t h e r a t e a s c o n t e m p l a t e d , & c . C o u r t l a n d S m i t h ,
74 . Rochester, N . Y __
191,127
75 . Norfolk, Va_______
187,254
7 6 . Masontown, P a__
178,907 S e c r e t a r y o f t h e P o s t a l S a v i n g s B o a r d , d i s c u s s e d t h e s i t u a 
77 . Salt Lake City,Utah
176.461 t io n a t l e n g t h . I n p a r t h e s a i d : “ T h e r a t e o f i n t e r e s t is o f
78 . Norwood, M ass__
175,505 f i r s t i m p o r t a n c e , a n d 2 % , e v e n i f p a i d a t r e a s o n a b l e i n t e r 
79 . Hammond, Ind__
174,163
80 . New Kensington,Pa
172,210 v a l s , w h ic h is n o t n o w d o n e , is n o lo n g e r a d e q u a t e . M a n y
81 . Brownsville, P a__
170,366
82 . Hurley, W is_______
168,781
83 . Indianapolis, Ind. _
166,534 o f t h e r e s t r ic t io n s w i t h w h i c h p o s t a l s a v i n g s w a s s u r r o u n d e d
84 . Jacksonville, Fla__
166,497 a t i t s s t a r t a r e n o w n o t n e e d e d .
85 . East Pittsburgh, Pa
*164,745
86. Fairbanks, Alaska,
“ F r e e f r o m t h e s e , a n d u n d e r b i g g e r a n d c o u r a g e o u s le a d e r 
161,446
87 . Windber, P a______
159,460 s h i p , t h e r e is e v e r y r e a s o n t o f e e l t h a t t h e P o s t a l S a v i n g s c a n
88. Youngstown, Ohio,
Woodlawn,
P
a____
157,676
89.
156,975 m a k e o f t h is n a t i o n a p e o p le o f t h r i f t y i n v e s t o r s a n d w is e
90 . W illimantic, Conn,
154.330
91 . San Antonio, Tex_,
153,955 s p e n d e r s .”
92 . Export, P a________
153,393
93 . Ansonia, Conn____
P o s t m a s t e r - G e n e r a l H a y s m a d e i t c le a r t h a t p o s t a l s a v i n g s
152,919
94 . San Diego, Calif__
152,491 is n o t t o c o m p e t e w i t h s a v i n g s b a n k s a n d t h a t t h e P o s t O f f i c e
95 . Dayton, Ohio_____
151,336
96 . Hibbing, M inn____
148,430 D e p a r t m e n t d o e s n o t w a n t d e p o s i t o r s f r o m s a v i n g s b a n k s .
97 . Spokane, W ash____
147,200 T h e a i m o f t h e P o s t a l S a v i n g s B a n k , h e s a i d , w a s t o b r i n g
98 . Manchester, N . H_
Allentown,
P
a_____
146,772
92 .
146,426
100 . Franklin, N . J_____
146,298 o u t t h e h o a r d e d w e a l t h in t h e c o u n t r y e s t i m a t e d b y m a n y
1 0 1 . East Chicago, Ind,
144,085
102 . Ambridge, P a------140,906 w e ll i n f o r m e d t o b e n e a r l y a b i lli o n d o lla r s . T h e P o s t m a s t e r 103 . Waterbury, C onn,,
139.593 G e n e r a l s a id :
104 . Tampa, F la_______
139.518
105 . Joliet, 111-------------Tbe savings banks have not brought this money out of hiding, nor has
136,793
Bangham
Canyon,U
106 .
136,488 the Postal Savings yet brought it out. Nothing can bring it out but the
107 . Rockford, 111______
133,728 faith in the security of the Government of the United States and a larger
108 . Tonopah, N ev____
133,725
100. Centralia, W ash__
return on the deposits and the acquainting of the holders with our
131,990 interest
110 . Bessemer, M ich__
128,472 purpose and their opportunity. This we hope to do. This money is
111. Greensburg, P a____
128,280 needed in circulation now. If a billion dollars can be brought out of stock
112. Ensley, A la_______
127,250 ings and closets and saved from waste and ‘wild cats,’ it will do incalculable
113. Lawrence, M ass__
125,705
1 1 4 Christopher, 111___
It will mako general bank depositors and ultimate Government
123,319 good.
115 . Perth Amboy, N . J.
bond owners out of the timorous; it will give small capital a chance for an
122.723
Norwich,
Conn____
116 .
119.013 honest return the same as large capital; it will furnish the tonic to conclude
117 . Fairmont, W. Va__
117,019
1 1 8 Worcester, M ass__
business convalescence in the country and will help make economy and
115,897 the
Hoboken,
N
.
J
____
119
1.15,226 thrift, a national trait much needed."
120. Homestead, P a____
114.811
121 . Clairton, P a______
113,692 RESOLUTION OF NEW YORK STOCK EXCHANGE
122. Sacramento, C al__
112.811
123. Miami, Fla_______
110,236
GOVERNING USE OF CUSTOMERS' SECURITIES.
124. Fall River, M ass__
110,087
235,486 125. Lynn, M ass_______
107,921
U n d e r a r e s o lu t i o n a d o p t e d b y t h e G o v e r n i n g C o m m i t t e e
J26. Vancouver, W ash..
103,179
233,767 127. Everett, Wash____
o
f
t h e N e w Y o r k S t o c k E x c h a n g e o n J u l y 2 7 i t is h e ld t h a t
102,949
225,988 128. Canton, Ohio____
101,684 , ‘ n o f o r m o f g e n e r a l a g r e e m e n t b e t w e e n a S t o c k E x c h a n g e
220,840 129. Superior, Wis_____
101,217
220,113 130 . Northampton, Pa__
101 ,121 h o u s e a n d a c u s t o m e r w a r r a n t s t h e S t o c k E x c h a n g e h o u s e i n
219,145 131 . Oonneaut, Ohio__
100,362
213,625 132. Pocatello, Idaho__
100,037 u s in g s e c u r i t ie s c a r r ie d f o r t h e c u s t o m e r f o r d e l i v e r y o n
212,9921 133. Barberton, Ohio__

New York, N. Y ____S48.088.040
Brooklyn, N .Y _____ 15.050,234
Chicago, 111_______
7,353,367
Boston, Mass______ 4,775,049
Pittsburgh, Pa_____ 3,505,051
Detroit, Mich______ 2,937.921
Philadelphia, Pa____ 2,741,123
Newrark, N. J______ 1,748,954
Tacoma, Wash_____ 1,756,606
Portland, Ore______ 1,623,268
Seattle, Wash______ 1,576,539
Kansas City, M o__
1,516,575
Milwaukee, Wis___
1,259,626
St. Louis, Mo______ 1,138,803
San Francisco, Cal_. 1,045,494
Cleveland, Ohio____ 1,007,197
Los Angeles, Cal____
934,639
Jersey City, N. J—
887,074
Cincinnati, Ohio____
884,000
St. Paul, Minn_____
732,571
Uniontown, Pa_____
724,071
Columbus, Ohio____
705,765
McKeesport, Pa____
656,039
Buffalo, N. Y ______
629,514
Providence, R . I ____
595.482
Ironwood, Mich____
583,440
Passaic, N. J_______
560,346
Toledo, Ohio_______
541,496
Butte, Mont_______
531,996
Bridgeport, Conn__
528,936
Denver, Colo______
487,855
McKees Rocks, Pa. _
483,621
Aberdeen, Wash____
436,065
Washington, D. C _.
413,972
Minneapolis, Minn.
386,700
Lowell, Mass_______
384,349
New Haven, Conn..
383,435
Hartford, Conn____
369,331
350,251
Erie, Pa___________
Louisville, Ky_____
332,540
Gary, Ind_________
331,072
Leadville, Colo_____
324,298
Omaha, Nebr______
327,639
Duluth, Minn______
309,257
Pueblo, Colo...........
308,907
Kansas City, Kans..
305,603
294,735
Oakland, Cal_______
Wilmington, D e l...
293,308
Anchorage, Alaska..
*293,256
Baltimore, M d_____
291,587
Prmsacola, Fla_____
287,651
Pawtucket, R. I ___
284,542
Roslyn, Wash_____
274,468
New Orleans, La____
257,239
Astoria, Oreg______
255,581
Dallas, Tex________
244,223
Akron, Ohio_______
243,908
Paterson. N . J ____
237,776

59. Kiizabeth, N . J. . . .

P r e s id e n t o f

67 .

68.

.

.
.

POSTMASTER-GENERAL HAYS DISCUSSES SUG
GESTED POSTAL SAVINGS CHANGES WITH
CABINET MEMBERS AND OTHERS.

s a le s m a d e b y t h e S t o c k E x c h a n g e h o u s e f o r i t s o w n a c c o u n t ,

P o s t m a s t e r -G e n e r a l H a y s g a v e a d in n e r o n .J u ly 2 6 a t t h e

lo a n i n g m o r e o f c u s t o m e r s ’ s e c u r i t ie s t h a n i s f a i r o r r e a s o n 

W ardm an
S e n a to r s,

P ark

In n

to

C on gressm en ,

a g a t h e r in g
F ed eral

of

C a b in e t M e m b e r s ,

R eserve

o ffic ia ls ,

P o sta l

o f f i c i a ls , b a n k e r s a n d o t h e r s i n t e r e s t e d i n p o s t a l s a v i n g s , t h e
d in n e r h a v i n g b e e n a r r a n g e d b y
of

fu r t h e r

d is c u s s io n

of

a ffe c tin g p o s ta l s a v in g s .

th e

M r.

ch an ges

(la y s fo r th e p u rp ose
under

T h ese ch an ges, M r .

c o n s id e r a t io n
f l a y s s a id t o

o r fo r a n y

a c c o u n t in

w h ic h

th e

h ou se or a n y

general

or

s p e c ia l p a r t n e r t h e r e in is d i r e c t l y o r i n d i r e c t l y i n t e r e s t e d . ”
I t a ls o p r o h i b i t s a s t o c k © x e h a n g © h o u s e f r o m

p le d g in g o r

a b le i n v i e w o f t h e o b l i g a t i o n s o i t h e c u s t o m e r t o t h e b r o k e r .
N o t i c e o f t h e a d o p t i o n o f t h e r e s o lu t i o n w a s i s s u e d a s f o llo w s
b y E . V . D . C o x , S e c ro ta ry o f th e E x c h a n g e .

At a meeting of the Governing Committee held this day, the following
Resolution was adopted:
"Referring to the second paragraph of the Resolution of the Governing
Committee, passed Feb. 13 1913, which reads as follows:

474

THE CHRONICLE

“ That the improper u*>e of a customer's securities by a member or his
firm is iiu art not iu accordance with just and equitable principles of trade,
and the orfundinK member shall be subject to the penalties provided in
Section b of Article XVII of the Constitution ”
“ Resolved that an agreement between a Stock Kxchange house and a
customer, authorizing the Stock Exchange house to pledge securities
carried for the account of the customer, either alone or with other securities,
either for the amount due thereon or for a greater amount, or to lend such
securities, does not justify the Stock Exchange house in pledging or loaning
more of such securities than is fair and reasonable in view of the obligations
of the customer to the broker.
“ Resolved that no form of general agreement between a Stock Exchange
house and a customer warrants the Stock Exchange house in using securities
carried for the customer for delivery on sales made by the Stock Exchange
house for its own account, or for any account in whihe the house or any gen
eral or special partner therein is directly or indirectly interested.'1

According to the New York “ Times” the resolution will
prevent the weakening of strongly margined accounts by
either too heavy lending of a customer’s securities or by their
liquidation. It adds:
In other words, the rule prevents a broker from lending stock in excess
of the customer’s debit balance.
Under the present rule of trading on the Stock Exchange it is agreed
between the broker and the customer (1) that all transactions are subject
to the rules md customs of the New York Stock Exchange and Its clearing
house; (2) that all securities from time to time carried in customers’ mar
ginal accounrs or deposited to protect the same may be lent by the broker
or may be pledged by him, either separately or together with other securities
either for the sum due them or for a greater sum, all without further notice
to the customer. This is changed by the new ruling, which governs the
amount of stock which the broker may lend or pledge for a loan, which means
that the broker cannot use his customers’ securities for his own account
except to the extent to which the customer is indebted to him.

RESOLUTION OF NEW YORK STOCK EXCHANGE
ADMITTING PARTNERS OF MEMBERS TO FLOOR.
At a meeting of the Governing Committoe of the New York
Stock Exchange on July 27, the following Resolution was
adopted, permitting the admission of partners of members to
the Floor of the Exchange.
Whereas, it is desirable that members' office partners become familiar
with the trading conditions on the floor of the Exchange through personal
observation and inspection of the market in action, be it
Resolved, that partners of members be admitted to the floor of the Ex
change between the hours of 11:30 and 1:30 on such days and under such
conditions as may be decided upon by the Committee on Library with the
approval of the Committee of Arrangements.

[V ol. 113.

found ourselves confronted with was not because of any one particular
slock or security difficulty, but a general condition of business which
confronts the world, and which is particularly emphasized in our business.
We hope to reorganize and start up in business again. We can do that
better by having had the receiver appointed. Steps, of course, were taken
by our firm to avoid the receivership, but under present businoss condi
tions that was impossible.

On Tuesday (July 26) Robert I). Taylor Hager and Charles
B. Downs, creditors of the failed firm, formally applied in
the United States District Court in Philadelphia, to have the
firm adjudged involuntary bankrupts. They contended
(according to the New York “ Herald” of July 27) that the
appointment of a receiver by the Common Pleas Court in
Philadelphia, would not affect tho company’s business affairs
in cities outside of Pennsylvania. As the matter stands the
receivers have no authority to liquidate the company’s
affairs outside of this State, whereas the firm maintained
offices in a number of cities besides Philadelphia and New
York. According to a press dispatch from Philadelphia,
dated July 27. Judge Thompson of the District Court
the following afternoon (July 27) in answer to tho application
of these creditors accordingly appointed Cornelius Haggerty,
Jr., and Edwin Gilfillan, Federal receivers for the failed
firm (the same receivers appointed by Judge Patterson in tho
Court of Common Pleas) Bond, the dispatch states,
was placed at $100,000 for botli receivers.
A press dispatch
from Chicago on July 25 reported W . S. Sebald, Manager of
the Chicago office of Chandler Brothers & Co. as saying:
“ Wo have received notice of tho announcement that the
suspension of the firm has been announced on the Now York
Stock Exchange and have suspended operation at the
Chicago office pending further advices.” A press dispatch
from Dotroit on July 25 roported that the offices of the
failed firm in that city had beon closed immediately upon
receipt of advices from New York announcing that the firm
was unable to meet its obligations.

KANSAS SUPREME COURT REQUIRES STATE GUAR
A N T Y FUND TO ASSUME LOSSES THROUGH
ALLEGED FRAUDULENT ACCEPTANCES.

SUSPENSION BY NEW YORK STOCK EXCHANGE OF
The following is taken from the Topeka “ Capital” of
$15 WIRE CHARGE.
July 10.
A Resolution authorizing the Committee on Quotations
and Commissions to suspend (pending an investigation of the
subject) the collection of the $15 wire charge to non-members
was adopted by the Governors of the New York Stock
Exchange on July 14. The following is the announcement
made by the Committee:
July 14 1921.
The Governing Cimmittee of the Exchange, at a meeting held July 13
1921, adopted the following Resolution:
“ That the Committee on Quotations and Commissions be authorized to
suspend collections of the fifteen-dollar wire charge to non-members, as
adopted by the Governing Committee on June 22 1921, subject to a further
investigation which is now being made.”
Under the provision of the foregoing Resolution the Committee on
Quotations and Commissions has suspended the collection of the fifteendollar wire charge until further notice.

CHANDLER BROTHERS & CO. SUSPEND.

The $260,000 of so-called fraudulent acceptances issued by H. J. Lefferdink, absconding cashier of the Kansas State Bank at Salina, were held
good by the Supreme Court in an opinion handed down yesterday. Inno
cent purchasers may cash in on their holdings against the State Bank
Guaranty fund which will reimburse the depositors who held valid claims
against the bank.
Bank or Broeker Didn't Profit.
Lefferdink is aUoged to have issued $125,000 of acceptances for 120 days.
They were drawn by the Central Securities Co. and the Western Brokerage
Co., both Broeker-Lefferdink “ dummy” concerns. Lefferdink wrote
across the face of each acceptance, “ Accepted by the Kansas State Bank,
H. J. Lefferdink, Cashier.”
Broeker testified he then took these acceptances East and turned them
over to a note broker in New York to sell but that neither he nor the bank
had received the proceeds.
Before the expiration of the first issue of acceptances another $135,000
worth were issued in the same manner, for which the bank never received a
cent.
Sold at Heavy Discount.
The acceptances were sold through the East at a heavy discount. As the
time expired and they began to return to the bank Lefferdink disappeared
and the bank was closed by the State Bank Examiner. In the decision, the
Supreme Court decided that the acceptances were valid claims against the
bank's funds.
The contention of Fred R. Fitzpatrick for the bank, before the Supreme
Court was that Lefferdink had no power to make the acceptances or ack
nowledge them as valid claims against the bank. The findings of the
Supreme Court were that under the negotiable instrument law the securities,
once issued, must be taken as valid or the whole commercial structure would
be torn down.
Total is Close to $400,000.
Cases are pending in the Supreme Court to collect $125,000 worth of
certificates of deposit issued by Lefferdink. Close to $400,000 worth of
fraudulent commercial paper were issued by him in a few months, for which
the bank received nothing, it is said.

Announcement was made from the rostrum of the New
York Stock Exchange on the afternoon of Monday of this
week (July 25) of the suspension of Chandler Brothers &
Co. of Philadelphia with offices at 34 Pine Street this eity.
This announcement followed the appointment of receivers
for the firm by Judge Patterson in the Court of Common
Pleas in Philadelphia upon the request of Frederick T . Chand
ler, Jr., a member of the firm, and the closing of the main
offices of the company at 1338 Chestnut Street, that city.
According to “ Financial America” of this city, Chandler
Bros. & Co. was organized on Jan. 2 1914. The firm
consists of Earl Mendenhall, Lewis E. Waring, Frederick
INCREASE IN SAVINGS DEPOSITS IN GREATER
T . Chandler, Jr., and Edward S. Litlte. In addition to
NEW YORK.
being members of the New York and Philadelphia Stock
Despite
the
so-called
financial depression, says the Savings
Exchanges, the firm, we understand, were members of the
Chicago Stock Exchange, Chicago Board of Trade and of the Bank Association of the State of New York, small savers of
New York Cotton and Sugar Exchanges. In asking for the Greater New York during the first six months of 1921
appointment of receivers for his firm, M r. Chandler, as increased their deposits in savings banks $109,809,298, or
reported in the New York “ Commercial” of July 26, set 5 9-1 0 % , according to preliminary figures made public on
forth in a bill of equity that, owing to existing economic July 29. This increase includes dividends credited. On
conditions, it was found impossible to conduct the business July 1 1921 the actual amount due depositors in the saving
without a loss. Judge Patterson then named Edwin J. banks of the Greater City, including dividends credited, was
Gilfillan, an engineer, and Cornelius Haggerty, Jr., an $1,942,613,300, an increase of $109,809,298. The Asso
attorney as receivers, in $100,000 bond. Later in the day ciation states:
It is interesting to note that the ratio of increase iu savings deposits in
(July 25) M r. Mendenhall issued the following statement
Greater New York between Jan. 1 and July 1 1921 Is exactly the same as
explaining the firm’s action:
the ratio of increase from July 1 to Dec. SI 1920, namely 5 9-10 V
The cause is poor business and poor market. Recently there has been a
tremendous shrinkage in^the vaiue of all securities. The condition was

Tho actual volume of increase during tho last six mouths of 1920 ''as
$103,073,962.

J u l y 30 1921.]

TH E CHRONICLE

Of tho five boroughs In tho Greater City, Manhattan Borough Is the only
one in which the ratio of increase was greater in tho first six months of 1921
than in tho last six months of 1920. Tho amount duo depositors in this
borough increased 5 4-10% during tho first six months of 1921 as com
pared with 4 9-10% in tho last six months of 1920.
Tho increases in tho amount duo depositors, including dividends credited,
between Jan. 1 and July 1 1921 by boroughs follows:
Bronx. $6,596,487 or 14 0-10%; Kings, $32,247,500 or 6 5-10%; Man
hattan, $67,160,058, or 5 4-10%; Queens, $2,983,618, or 7 9-10%; Rich
mond, $821,633, or (> 1-10%.

JOHN SKELTON W I L L I A M S TO BE HEARD N E X T
W E E K B Y JOINT CONGRESSIONAL COM MITTEE
ON AGRICULTURE.
T he plans to accord a hearing on Tuesday of this week to
John Skelton W illiams before the Joint Congressional Com
mittee on Agriculture, underwent a change on M onday of
this week, when the hearings were temporarily postponed.
M r . W illiam s, who was formerly Comptroller of the Cur
rency, and who has in several speeches criticised the adminis
tration of the Federal Reserve system , is expected to be
heard next week. As stated in these columns last week,
page 358, Governor Harding, of the Federal Reserve Board,
prompted by M r. W illiam s’ criticisms, requested that Con
gress investigate the operations of the Board and the Federal
Reserve System . In the House a resolution to that end was
introduced on July 19 by Representative M cFadden, while
in the Senate Senator M cL ean , Chairman of the Banking
and Currency Committee, introduced a similar resolution on
July 22. The Joint Congressional Committee on Agricul
ture, "which is to hear M r . W illiam s, is investigating the
general agricultural situation, and it will interrogate M r.
Williams as to the policy of the Federal Reserve Board and
the effect of that policy on agriculture as reflected in agricul
tural loans. Regarding the resolutions before Congress and
the hearing to be given M r . Williams by the Committee in
dicated, the ‘ ‘Journal of Com m erce,” in special advices from
Washington, July 25, said:
Governor Harcling and other members of the Federal Reserve Board
indicated to-day a disinclination to discuss the statements made by former
Comptroller of the Currency John Skelton Williams in criticism of the board
in its policy of deflation during the past year.
It is regarded as unlikely that members of the board will' voluntarily
offer to appear before the Anderson Agricultural Inquiry Commission in
connection with Mr. Williams’s charges.
They express confidence in the possible action of either the House or the
Senate and perhaps of both bodies on resolutions now pending in each
House for an investigation of the activities of the Reserve Board and the
clearing up of the whole credit situation in which the board, as the controlling
financial body of the Federal Reserve system, has been obliged to act.
It is regarded as more than likely the Senate will pass the McLean resolu
tion and that Governor Harding, for the Reserve Board, will go before the
Senate Committee on Banking and Currency and testify to every phase of
the Reserve Board’s action on the credit situation throughout the United
States, following the inflation period of the war years.
An effort will be made to deal with the whole financial problem rather than
to indulge in any controversial word duel over personal views or remarks
within the Reserve Board itself. The Agricultural Commission is a dif
ferent medium of publicity from the Senate Committee on Banking and
Currency and its limitations on the witness are rather few' and broad.
Mr. Williams may be expected to speak with the greatest freedom and to
cover a wide swath of conditions and operations. Those who are familiar
with the inside situation expect him to lay bare a great deal of his inside
experiences as an ex officio member of the board, a confidential movie, as
it were, of the Reserve Board in action within the board room.

GOVERNOR HARDING OPPOSED TO ENLARGEMENT OF
FEDERAL RESERVE BOARD BY A D D I T IO N OF
AGRICULTURAL REPRESENTATIVE.

475

added, “ it delegated this power to the bankers.”
An ac
count of what he had to say was furnished as follows in press
dispatches from Atlantic O ily , July 2J:
Senator Robert L. Owen of Oklahoma, charged in an Interview to day
that the Fedora 1 Reserve Board, In effect, had abdicated Its powers in
favor of tho bankers who elect six out of nine Federal Reserve Bank Direc
tors. Ho said these bankers were Interested In increasing the purchasing
power of the dollar and increasing the selling value of credit, that Is. interest
and commissions.
In addition to surrendering its powers, the Federal Reserve Board,
Sonator Owen said, had used its influence to bring about general and indis
criminate deflation, which had, in effect, impaired the credit of the .National
Government, as well as having impaired, and in some Instances destroyed
credit of legitimate business.
Much of the present stagnation in business, Senator Owen held, is due to
tho fact that the Federal Reserve Board has failed to meet its responsibilities
properly.
“ The Federal Reserve Board," Senator Owen said, "was created to con
trol, rogulato and stabilize credit in the interest of all people. Two years
ago, in July, the board began to advise general and indiscriminating de
flation .
"Thero is no question that some deflation or credit constriction was
necessary in at least three directions. It was necessary to restrict credit
which was being used in unduly speculating in stocks or in improper specus
lation in commodities, as well as credit which was being used in profiteering,
but general inflation was not only necessary, but wholly unwise and ruinouto legitimate production.
"The Federal Reserve Board did not distinguish between inflation and
expansion because the Federal Government had issued some $25,000,000,000
in bonds to save its very existence. This was regarded as inflation, and the
banks, through the influence of the Federal Reserve Board, sought to
deflate this. A banker who asked for rediscount on United States Govern
ment bonds was told, in effect, that the combined credit of the Government,
as expressed in its obligations to pay, and himself, was not worth 100 cents
on the dollar. What was the result? Government bonds for which the
people had paid par were forced down, in some instances, to 82, and the
credit, of the National Government itself was impaired.
"The man who was engaged in a productive enterprise, in legitimate
business, was subject to the same restrictions, so far as credit was concerned
as the man who was merely engaged in wild speculation or in profiteering.
The farmer who was raising livestock found it just as hard and just as
expensive to get money necessary to carry on his business as the speculator.
We are now paying the price for this mistaken policy in business stagnation,
which exists all over the country.
“ The Federal Reserve Board is the most gigantic financial power in all the
world. Instead of using this great power as the Federal Reserve Act in
tended that it should be used, the Board abdicated. Instead of using this
power in the interests of all the people, the bankers included, it delegated
this power to the bankers.
“ It refused or neglected to exercise the power which had been given it by
law, and, in addition to this, threw the weight of its influence toward the
support of the policy of German inflation. It gave its influence and its
1 support to the bankers, to a comparatively small group of bankers, who
were interested in increasing the purchasing power o f the dollar and increas
ing the value of credit, that is, interest and commissions.
“ In addition to restricting credit, these bankers increased the interest
rates they sought to make, and succeeded in making the dollar buy more of
everything but credit. Various lines of business were refused credit abso
lutely. People had invested hundreds of millions in automobiles, but the
men engaged in the automobile industry found their credit cut off. Other
lines of business were also made victims through this same unreasonable and
unnecessary effort toward general deflation."
Senator Owen said the most hopeful sign in recent weeks was in the action
of the Federal Reserve Board in seeking to lower the interest rates, but in
this, he charged, the board was acting in an advisory capacity, when it
should use the power given it by law and fix interest rates lower, much lower,
and stimulate confidence by its own acts.

GEORGE J. S EA Y ANS WE RS CHARGES A N E N T
DEFLATION POLICY OF RESERVE SYSTEM.
Denial that the “ deflation” policy of the Federal Reserve
Banks caused price declines is contained in a letter of George
J. Seay, Governor of the Federal Reserve Bank of Rich
mond, an account of which appeared as follows in the
Baltimore “ Sun” of July 23:
As proof of the liberality of the Federal Reserve Bank of Richmond in

A t a hearing on July 19 before the Senate Banking and extending credits, Gov. George J . Seay, in a letter just received by Baltimore
bankers, makes the assertion that this institution is lending $47,000,000 to
Currency Committee on Senator K enyon’s bill proposing to two States in the fifth regional district. North and South Carolina are the
enlarge the Federal Reserve Board by an additional member States, in which loans to member banks reaches the total referred to, and
representing agriculture, Governor Harding of the Federal Mr. Seay calls attention to the fact that this sum is practically one-half oi
the largest amount ever borrowed at any one time by the national banks of
Reserve Board opposed the bill, stating that the Board was the country prior to 1913, before the establishment of the Federal R e
“ decidedly of the opinion’ ’ that it would be “ unwise, sub serve System.
Governor Seay’s letter is a reply to a communication which he received
versive and class legislation.”
Defending the Board’ s from a mercantile corporation in the South, in which it was charged that the
policy toward agricultural interests, Governor Harding pre Federal Reserve System’s “ deflation" policy had been responsible for the
sented statistics to show that instead of curtailing farm decline in prices. In his replay M r. Seay discusses in detail the credit
situation, and the causes leading up to the drop in pri'ces, and Baltimore
loans, as charged by critics, the Federal Reserve system’s bankers say that his statements prove an able defense of the reserve system.
advances on long term loans virtually doubled during last ITe denies the statement that the system created a condition which brought
about falling prices, and he also endeavors to refute the charge that the
year. Governor Harding added:
I deny the cxrgc.s so frequently made that the Board has discriminated
against agriculture. On the contrary, any discrimination has been in its
favor. All criticism is not supported by the facts.

ROBERT L. OWEN DECLARES POWERS OF FEDERA
RESERVE BOARD H AV E BEEN ABDICATED.
Senator Robert L. Owen, who assisted in tho framing <
tho Federal Reserve A c t, in stating on July 23 that “ tl
Federal Reserve Board is the most gigantic financial pow<
in all the world,” charged that “ instead of using this gre;
power as tho Federal Reserve Act intended that it should 1
used, the Board abdicated.” “ Instead of using this power;
tho interests of all the people, the bankers included,” 1

Reserve banks have not been liberal in extending credits to member banks
in order to meet urgdnt demands for funds.
As to the causes of the severe decline in prices wrote Governor Seay to the
mercantile house in question, you will find a very great divergence of opinon
First and foremost must always be taken into account the antecedent rise,
the natural law that what goes up is bound to come down— no matter what
sends it up. As opposed to your opinion, I hold the view that the action of
the Federal Reserve banks in protection of their reserves, which were being
rapidly exhausted— exhaustion of which would have caused collapse and
min, entailing universal disaster, from which there could have been no
recovery except by the long, tedious, patient toiling process of building up
after destruction, was no more responsible for what you call the "deflation"
of prices, than you are responsible for the action of the law of gravitation.
This "deflation" or decline in prices was not peculiar to our own country,
and to attribute such declines here or in other countries to the policy of the
Federal Reserve System is arbitrarily to assign to it an influence which it
does not and cannot exercise, but which is the result of those laws of action
and reaction which have been at work from the beginning of things.

476

T11E CHRONICLE

D over nor Sea.y*th.ea referred to the extension of credits in States in the
Fifth District and especially in South Carolina, in which the mercantile
house, complaining o f the course pursued by the reserve banks, is located.
In your State, he declared, there has been practically no liquidation for a
year. 1 am wondering what you mean by a more libeial extension o f credits
There are 99 member banks in South Carolina, 91 o f which are borrowing
from us. This bank is lending those 91 banks 308% o f the amount which
they contribute to the lending power o f the Federal Reserve System.
This is between five and six times the amount o f the reserve deposits o f those
banks in the Federal Reserve Hank o f Richmond
In some cases— in South
Carolina, principally the cases o f small banks, we are lending 10 to 15 times
the amount contributed by those banks to the maximum lending power o f
the Federal Reserve Hank of Richm ond. We are lending to the banks o f
N orth and South Carolina $47,000,000, which is practically one-half o f the
largest amount ever borrowed at any one time by the national banks o f the
country, prior to 1913, before the establishment o f the Federal Reserve
System. Resides the member banks o f your State are borrowing between
$6,000,000 and $7,000,000 from other banks which get the funds from the
Federal Reserve System.

F A L L I N G OFF I N R E T A I L T R A D E I N N . Y. F E D E R A L
RESERVE D IS T RI C T.
A ccord in g to an item o n retail trade w hich will appear in
the A u g . 1 issue of the M o n th ly R eview of C redit and B u s i
ness C on d ition s by the Federal R eserve A gent of N e w Y o r k ,
the net sales b y representative d ep artm en t stores in this
district during June were 7 % below sales of June 1 9 2 0 , and
less than 1 % below those of M a y of this year. A s prices on
the average are p rob ab ly 2 0 to 3 0 % below those w hich
prevailed last yea r, and the nu m ber of in d ivid u al trans
actions in June 1 9 2 1 , w as a b o u t 1 1 % , greater th an in
line 1 9 2 0 , it is evid en t says the R eview th at the am ou n t
of m erchandise sold continues to be greater th an last year.
Sales in June 1 9 2 1 , show an increase of about 2 0 % over sales
in June 1 9 19, w hen prices were m ore nearly equ ivalen t to
those prevailing to -d a y .
T h e R eview continues:
Sales for the first half o f this year were about 5% less than in the first
6 months o f 1920, but about 25% greater than during the same period in
1919.
Stocks held b y department stores declined about 6% between June 1 and
July 1, a seasonal m ovem ent due to the liquidation o f spring and summer
merchandise. Practically no fall goods have been received as yet, although
there is a disposition among retailers to place fairly large orders for fall
requirements. T h e m ajority o f such orders is usually placed in August.
Stocks held b y retailers on July 1 were about 12% below those held on the
same date last year, whereas sales decreased only about 7 % . Stock turn
over during the first six m onths o f 1921 was at the rate o f 3.6 times a year
compared with 3.1 times a year during the first six months o f 1920, and
3.6 times a year in the first six months o f 1919.
In June sales b y strictly apparel stores and by the apparel sections of
departm ent stores showed some falling o ff and sales by house-furnishing
departments some gain. This is in direct contrast to conditions that
prevailed in M a y and is due to a seasonal slackening in th$ demand for
clothing as well as to a larger demand for house furnishing goods, following
price revisions b y m any o f the department stores. Sales o f cotton, silk
and woolen piece goods were also above those o f last year.
Sales o f mail order houses and chain stores have not been maintained
in recent m onths as well as sales o f department stores. The figures for chain
store sales are not exactly comparable with those for other groups o f stores,
because there has in recent years been a rapid increase in the number o*
stores. In spite o f this increase total sales o f 6 important chain store sys
tems in June were somewhat lower in com parison w ith figures for June 1920
than were sales o f department stores.

C H I CA G O F E D E R A L RESERVE B A N K D E C I D E S
C O N TIN U E DISCOUNT RATES U N CH AN G E D.

TO

A special article in the C h icago “ Journal Gf C o m m erce”
J u ly
23
said:
The Federal Reserve Bank o f Chicago will maintain its discount rate
at 6 K % .
T h e board o f directors of the Bank met yesterday and debated a m otion
that the rate be reduced from 6 }A to 6 % , as had been demanded by the
Reserve Board follow ing the reduction of the rate to 5 K % in N ew Y ork,
B oston, Philadelphia and San Francisco. On a vote, the m otion was
beaten.
This is the answer o f Chicago to the effort on the part o f the Reserve
Board, successful almost everywhere else in the country, to dictate the
policy and management details o f the various Reserve banks. It is the
st promise that after nearly years o f operation in violation of
the fundam ental theories o f Reserve banking, our central banking system
m ay return to the principles that have been foim d necessary to the safety
o f central banks throughout the world.

Ra^es Out of Line.
The Federal Reserve banks were opened in N ovem ber 1914, when the
world war was upon us, and the depression o f the early war period was
deepest. D iscount rates were established almost immediately at a variance
with the fundamental principles contemplated by the law, and for seven
years our discount rates have been below the loaning rate for m oney practi
cally all o f the time.
This was excused, if not justified, by the exigencies o f Avar and recon
struction. FolloAving the first shock o f deflation individual members of
the Reserve Board promised a return to logical policies. Recently they
have acknowledged those pomises privately, but hav^e explained that
political considerations prevented the redeeming o f them or any statement
o f policy on the part o f the Board.
M inneapolis is the only other Reserve bank maintaining a rate o f § lA %
on business paper. Directors o f that bank have been conspicuously inde
pendent and there is a possibility that they will refuse to fix a discount rate
a point or more below the market rate for m oney.
Supply and Demand.
Those who have favored further reductions, and they are not to bo found
in the ranks o f bankers, have contended that, uneconom ic though the plan
might be, it is justifiable as a means o f forcing loAver bank loaning rates.
The fact is that the discount rate has practically no effect on bank rates.
These are governed b y demand for and supply of credit. The 5 lA % dis

[V ol. 113

count rate in Now Y ork has not altered the fact that the average loan in
New York is still close to 7 % .
M ajor credit for the decision reached yesterday goes to George M .
Reynolds, the only central reserve city banker represented on the board.
He has always contended that the discount rate should be equal to or in
excess o f the open market rate, and that no bank should be enabled to
borrow money from the Reserve bank and loan it to customers at a profit.
He made a strong plea for a rate that would discourage inflation.
There is a somewhat easier tendency in the money market, and it may not
be long before market rates are low enough that the 6 H % discount rate
vvill make it costly for banks to borrow o f the Reserve institution to carry
their customers. Such a situation would speedily reduce the large loans
the Reserve institution is now carrying for banks within the district.

K A N S A S C I T Y F E D E R A L RESERVE B A N K TO S U S P E N D
PROGRESSIVE D I S C O U N T R A T E .
It is reported that the Federal R eserve B a n k of K an sas
C ity announced on July 2d its inten tion to suspend its
progressive discount rate on A u g . 1.
T h e discount rate will
rem ain at 0 % , b u t w ith ou t the penalties now attach ed to
borrow ings in excess of a m em ber b a n k ’s “ basic lin e .”

STATE

INSTITUTIONS A D M IT T E D
RESERVE S Y S T E M .

TO

FEDERAL

T h e follow ing institutions were a d m itted to the Federal
R eserve S y stem in the w eek ending July 2 2 :
District N o. 7—
Capital.
Surplus.
South Side T r. & Sav. Bank, Chicago, 111.$300,000 $100,000
Farmers & M erchants State Bank, ScbcAvaing, M ich ------ ---------------25,000
6,250
District N o. 12—
Hazelton State Bank. Hazelton, Id ah o__
25,000
5,700
Steiwer & Carpenter Bank, Fossil, O re_ 100,000
5,000
Selah State Bank, Selah. W ash____________
30,000
6,000

Total
Resources.
$6,653,905
348,632
199,456
506,733
356,171

I N S T I T U T I O N S A U T H O R I Z E D B Y F E D E R A L RESERVE
BOARD TO E X E R C I S E TR US T POWERS.
T h e Federal R eserve B oard has granted perm ission
the follow ing institutions to exercise trust pow ers:

to

The Fall River N ational Bank, Fall River, Mass.
T he Ossining N ational Bank, Ossining, N . Y .

NEW

OFFERING

OF T R E A S U R Y C E R T I F I C A T E S
INDEBTEDNESS.

OF

A n offering of $ 3 0 0 ,0 0 0 ,0 0 0 or thereabouts o f U . S. T rea s
ury C ertificates of Ind ebted n ess, in two series, w as a n 
nounced b y Secretary o f the T reasu ry M e llo n on J u ly 2 6 .
B o th issues will be dated and bear interest fro m A u g . 1
1 9 21.
One of the issues, Series T M — 1 9 2 2 , will bear interest
a t 5 M % and will m ature M a r . 15 1922; the o th er, Series
B — 1 9 2 2 , will carry 5 b £ % interest and will becom e due A u g .
1 1 9 22. W ith regard to the new issue, press dispatches fro m
W a sh in g to n July 2 6 , said:
•
W ith the $300,000,000 certificate issue the Treasury, it Avas belieAed
would be in a position to meet any demands upon it by the W ar Finance
Corporation in connection Avith settlements w ith the railroad under the
plan subm itted to Congress to-day b y President Harding.
On A ug. 16, it was explained, the Treasury has certificate maturities o f
about 8150,000,000 to meet and in addition it is estimated about 8100,000,000 will be needed for current paym ents to the railroads under the revolving
fund and other sections o f the Transportation A ct.
T h e rem aining 850,000,000 plus th e T re a su ry ’s cash on hand o f som e
8200,000,000 it was th o u g h t Avould care fo r current expenses and a ny
prelim in ary Avithdrawals on a cco u n t th e corp ora tion m igh t m ake, if its poavers are broa d en ed b y C ongress, Avhile at th e sam e tim e clearing th e Avay fo r
Avhat fin a n cin g th e T reasu ry m a y h a v e to d o sh ould th e corp ora tion call for
its to ta l b a la n ce o f nearly $400,000,000 to use in m akin g a dvan ces to the
railroads.

In view o f the Aug. 1 issue o f certificates, another issue on Aug. 15 was
held unlikely, though an offering o f the new short-term notes on Sept. 1
was expected.

O f the certificates now being offered Series B — 192 2 will
not be accepted in p a y m e n t o f taxes; certificates o f Series
T M 2— 1922 will be accepted in p a y m e n t of incom e and
profits taxes p ayab le at the m a tu rity of the certificates.
T h e certificates will be issued in denom inations o f $ 5 0 0 ,
$ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 and $ 1 0 0 ,0 0 0 .
T h e certificates of
Series T M 2— 1 922 will h a v e one interest coupon a tta ch e d ,
p ayab le M a r . 15 1 9 2 2 , and the certificates o f Series B — 192 2
two interest coupons attach ed payable F e b . 1 1 9 2 2 , and
A u g . 1 1 9 22.
T h e Federal R eserve B a n k of N e w Y o r k in
its announcem ent of the offering says in p art:
T he certificates o f said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State, or any o f the possessions o f the United States, or by any local
taxing authority, except («) estate or inheritance taxes, and (5) graduated
additional income taxes, com m only knoAvn as surtaxes, and excess profits
and warprofits taxes, uoav or hereafter imposed b y the United States, upon
the incom e or profits o f individuals, partnerships, associations, or corpora
tions. T he interest on an amount o f bonds and certificates authorized by
said A ct approved Sept. 24 1917, and amendments thereto, the principal
o f which does not exceed in the aggregate $5,000, owned by any individual
partnership, association or corporation, shall be exempt tVom the taxes
provided for in clause (5) above.
T he certificates o f these series do not bear the circulation privilege, and
the certificates o f Series B— 1922 will not be accepted in payment o f taxes.
T h e certificates o f Series T M 2— 1922 Avili bo accepted at par. with an adjvnu

Ju l y

80 1921.]

THE CHRONICLE

meat o f accrued interest, during such time and under such rules and regula
tions as shall be prescribed or approved by the Secretary o f the Treasury,
i n payment o f income and profits taxes payable at the maturity o f the certlf icates.
The right is reserved to reject any subscription and to allot less than the
amount o f certificates o f either or both series applied for and to Hose the
subscriptions as to either or both series at any time without notice. Pay
ment at par and accrued interest for certificates allotted must bo made on
or before Aug. 1 1921, or on later allotment. After allotment and upon
payment Federal Reserve banks may issue interim receipts pending delivery
o f the definitive certificates. Any qualified depositary will bo permitted
to niako payment by credit for certificates allotted to It for itself and Its
customers up to any amount for which it shall be qualified in excess of
existing dep< sits, when so notified by the Federal Reserve bank o f its
district. Treasury certificates o f indebtedness o f Series 0 — 1921, maturing
Aug. 16 1921, with any unmatured interest coupons attached, will be accepted at par, with an adjustment o f accrued interest, in payment for any
certificates o f the Series T M 2- 1922 or B— 1922 now offered which shall
be subscribed for and allotted.
As fiscal agents o f the United States, Federal Reserve banks are auth
orized and requested to receive subscriptions and to make allotment in full
in the order o f the receipt o f appl'cations up to amounts indicated by the
Secretary o f the Treasury to the Federal Reserve banks o f the respective
districts.

It is stated that the Federal R eserve B a n k o f N ew Y o rk
has received su b s 3 . 1 iptions far in excess of its qu ota.

S E N A T E C O M M IT T E E ORDERS B IL L REPORTED G IV 
IN G SECRETARY M E L L O N N E W POWERS
FOR R E F U N D I N G A L L I E S ' D E B T S .
T h e bill of Senator Penrose, vestin g the Secretary of the
T reasu ry w ith power to proceed w ith the refunding of the
A llied w ar debt to the U n ited S ta te s, w as ordered favorab ly
reported b y the Senate Finance C o m m itte e on July 2 8 b y a
v o te of 9 to 5 .
T h e bill was given in our issue of June 2 5 ,
page 2 6 9 1 , and the hearings since held on it have been re
ferred to in these colum ns July 2 (page 1 8 ), July 16 (page
2 3 4 ) and July 23 (page 3 4 6 ).
T h e hearings were tem porarily
sta y ed on July 21 to perm it Secretary of the Treasury M ello n
to exam ine all records and advise the C o m m ittee as to the
exten t to w hich previous negotiations had c o m m itted the
G o v ern m en t relative to the A llied w ar d eb t.
T h e Secre
ta r y ’s advices in the m atter were presented to the C o m 
m ittee on J u ly 2 8 , w hen the hearings were concluded and
the bill ordered fa v o ra b ly reported.
In a letter addressed
to Senator Penrose, C h airm an of the C o m m itte e , Secretary
M e llo n gave it as his opinion th at this G o vern m en t is com 
m itte d to the p ostpon em en t of the interest p aym en ts for
tw o or three years and “ to the spreading over subsequent
years the p a y m en t of the proposed interest in stalm en ts”
b u t this obligation, he ad d s, “ is contingent upon such foreign
G overn m en ts carrying ou t w ith reasonable prom ptness after
this G overn m en t is ready to proceed, a satisfactory funding
of its existing short tim e obligations to this c o u n tr y .”
The
follow ing is Secretary M e llo n ’ s letter:
Boise Penrose, Chairman, Senate Finance Committee:— Com plying with
your request in behalf o f the Finance Com m ittee that I put in writing m y
understanding as to the obligations, if any, on the part o f this Government
in connection with the funding o f foreign loans and the postponement of
payment of interest thereon, I beg to advise you as follows:
]. In view o f the action o f m y predecessors, I am o f the opinion that as
to the principal foreign Governments receiving advances from the proceeds
o f Liberty bonds, this Government is com m itted to the postponement o f the
interest for tw o or three years (over tw o years o f which have already elapsed)
and to the spreading over subsequent years the paym ent o f the pro
posed interest instalments; but that this obligation is contingent upon
such foreign Governments carrying out with reasonable promptness, after
this Government is ready to proceed, a satisfactory funding o f its existing
short-time obligations to this country. As to the com pounding o f interest,
Secretary H ouston m his annual report to Congress for the year 1920
clearly shows that it Was not contemplated that interest should be charged
on postponed interest, at least during the tw o of the three-year period.
However, I regard the dates suggested by Secretary Houston in his annual
report for the payment o f his deferred interest as merely tentative and not a
binding commitment.
In view o f the public announcement on this subject made by Secretary
Glass, communicated as it was to foreign Governments, reported to Congress
by both Secretary Glass and Secretary Houston and acquiesced in for more
than tw o years, I think that good faith and fair dealing obligate this G ov
ernment to the extent I have indicated.
f do not consider that any obligations exist on the part o f this Govern
ment by reason o f anything taking place in the negotiations conducted by
Mr. Rath bone with the representatives o f the British Government, to which
reference has been, made in the hearings before your committee.
2. During the peace conference in Paris the representatives o f Great
Britain, France and the United States agreed to recommend to their respective Governments to take in satisfaction of their advances made to Belgium
prior to N ov. 1 j J9I8, German reparation bonds out o f a special issue of
bearer bonds maturing M ay 1 1926, to be made under the Treaty o f Ver
sailles, and this recommendation was communicated to the Congress by the
President on Feb. 22 1921. N o action has been taken thereon.
.Subsequently the principal European powers and Germany, in fixing the
amount o f the indemnity to be paid by Germany, and. the bonds to be issued
in connection therewith, provided for an issue o f what arc designated as
Series A bonds, which should include the bearer bonds above mentioned.
Whether what has been done will make this matter a subject for further
consideration, 1 cannot now say.
2 1 would like to avail myself o f the present opportunity to clear up a
matter about which the. e seems to be some misapprehension, and that is as
to the power given by the Act to accept bonds o f some country other than
the debtor country. Ho far as concerns the principal debtor powers, which
together ow<- us ('without accrued interest) more than $9,000,000,000,
there is no intention or thought o f accepting in payment bonds other than

477

those o f the debtor country. The authority now asked, however, covers
debts owing to us by Czecho-Slovakia, G r o o ' e , Rumania, l(n la, Her bin.
Poland and a large number o f other countrie..
The* rountrle also owe
large amounts to the other countries. Their r o r o u r i c i and their ah Illy to
pay differ widely and the conditions which will have to be dealt with can
not now he foreseen.
The situation which confronts the Treasury Is exceedingly complex, and
to deal properly with it/ the Treasury must have ample power;.; to enable it,
when the conditions o f each debtor country have been definitely a;.curtalne<l,
and the claims o f all parties interested have been pje ented, to deal with the
situation broadly in such a way as will, in Its judgm ent, best protect the
Interests o f this country and secure the payment o f the. principal and interest
o f the debts now owing to It. The representatives o f this Government
should have equally as broad powers as the representatives o f any other
country, so as to be able to demand and accept our share o f whatever form
o f payment and security m ay be found to be obtainable in any ease.
T o accomplish this and to cover all contingencies it was deemed uecc: ; i y
that the Act should take the broad form in which if was presented to you
committee.
In the present existing conditions I would urge the Importance o f the pas
sage o f this legislation at the earliest practicable date.
Sincerely yours,
A . w . M E L L O N , Secretary.

Secretary M ello n was heard in open session of the c o m 
m ittee on the M
1- follow ing w hich the co m m ittee w ent
into executive session behind closed doors to further consider
the bill.
T h e nine v o tin g to report the resolution w ere:
R ep ublicans— Penrose ( P a .) , W a ts o n ( I n d .) , C alder ( N . Y . ) ,
S m oot (U ta h ), M c C u m b e r ( N . D . ) , D illin g h a m ( V t .) ,
C urtis (K a n .) and M c L e a n (C o n n .).
D e m o c ra t— W ill
iam s (M is s .).
T h e follow ing five v o ted in op p osition:
D em ocrats— Sim m ons ( N . C . ) , G erry (R . I . ) , W a ls h ( M a s s .) ,
and R eed ( M o .) .
R ep u blican — L a F o lle tte ( W i s .) .
O ne
am end m ent to the bill lim iting to five years the period during
which the negotiations m a y be conducted was ad op ted b y
the com m ittee.

T h is am en d m en t w as offered b y Senator

Penrose.
T h e com m ittee rejected tw o other a m en d m en ts,
both of which were proposed b y Senator W a ls h ; one of these
sought to require th a t the funding agreem ents be ap proved
b y Congress before becom ing effective; the other am end m ent,
w ould have had each agreem ent w ith a d ebtor nation sub
m itted to Congress as soon as perfected.
T h e proceedings
leading up to the request for the subm ission b y Secretary
M e llo n to the C o m m itte e of the W a r L oan d ata were de
tailed as follow s in a W a sh in g to n dispatch of July 21 p u b 
lished in the Philadelphia “ R e c o rd ” :
The Senate Finance Com m ittee in executive session, was understood to
day to have agreed to request Secretary M ellon to examine all records and
advise the com m ittee as to the extent to which previous negotiations have
com m itted the Government in matters connected with Allied war loans.
At' hearings which preceded the closed session, M ellon indicated that he
had not read all the correspondence as to negotiations under the previous
Administration. He was again urging favorable action on the Adminis
tration bill to clothe the Treasury with blanket powers in loan matters.
Senator Reed, D em ocrat, M issouri, questioned M ellon as to the extent
to which he regarded the Governm ent as com m itted on deferment o f interest
payments, substitution o f bonds and the like. T he Senator finally m oved
that the Secretary be requested form ally to advise the Com m ittee on this
point, but Senator W atson, Republican, Indiana, forced the discussion
behind closed doors when the decision to follow a less formal course was
said to have been reached.
“ D o you feel that you have authority to defer interest payments with
nations able to p a y ? ” asked Senator W atson just before the doors were
closed.
“ There m ay be conditions where it would be advisbale to agree to defer
payment c f interest,” replied the Secretary. “ I would undertake to collect
every dollar o f the m oney due the LTnited States, and in the m atter o f
interest, I would insist upon payment and w ould collect, except only in
those cases w here it could be shown that by arrangements already made the
Governments claiming deferment were within their rights.”
Mellon Voices Complaint.
Dissatisfaction with negotiations o f the W ilson Administration for funding
Allied debts prom pted Secretary M ellon ’s request for blanket authority in
the transactions, he told the Com m ittee. The negotiations were conducted
in London by former Assistant Secretary Ratlibone and by M r. Blackett
for the British Treasury.
T he Secretary said he did not favor the Rathbone-BJackett plan because
“ it would give us a lot o f different kinds o f obligations from Great Britain
and we could not make a good jo b o f it .”
His conference with the British Ambassador, M ay 12 1921, M ellon said,
was held at the State Department after he had conferred with Secretary
Hughes.
“ W hat did Ambassador Geddes say about extension o f tim e for paym en ?” Senator LaFollette. Republican, W isconsin, asked.
“ W e did not go that fa r,” the Secretary replied. “ There were really no
negotiations. It was just a prelimianry conference and it was the basis
for future negotiations.”
Senator Reed, referring to Secretary M ellon’s letter to the British A m 
bassador o f M ay 11 1921, filed with the Com m ittee, asked M ellon if he
desired to m odify his statement o f yesterday, that he felt bound by the
arrangements made by the Wilson Administration for deferment o f interest.
Secretary lia s Vague Policy.
“ 1 do not say whether morally we are bound until X have examined the
documents which I have not don e,” the Secretary replied. “ I do not see
how in the face o f the arrangement agreed qpoii, o f which the foreign
Governments were advised o f the deferment o f interest payments, we could
at this date change the arrangement, demand com pound interest and insist
upon interest payments before the date in 1922 which was agreed upon.
“ In refunding I would consider it m y duty to do that which was to the
best interest o f the G overnm ent.”
“ Would you favor substitution of reparation or bonds o f other Allied
nations and would you agree to postponement o f interest accrued?” asked
Senator Simmons, Democrat, N orth Carolina.
1 have no expectation of accepting German bonds,” stated the Secretary.
“ So far as the question o f interest is concerned, 1 would expect to provide

478

THE CHRONICLE

tur the collection or all the intftfuit that is legally due to the United States.
1 do not think we can do anything more.”

'I'he press dispatches from Washington July 20 in stating
that the “ understanding” reached by the Wilson Adminis
tration deferring interest payments on loans made by the
United States to Allied nations would, according to Secretary
M e l l o n ' s advices to the Committee on that day, be binding
upon the present administration, added:
The present situation, which the Secretary called embarrassing, was
caused by discussions in 1919 between former Assistant Secretary of the
Treasury Kathbone and Mr. Blackett, representing Great Britain, with the
result that the “ understanding” was reduced to written memoranda. These
conferences, the Committee was informed, were held after .Secretary Glass
and his successor, David 8 Houston had decided there was authority in law
for the deferment of interest payments.
Assistant Secretary Wadsworth, who accompanied Mr. Mellon before the
Committee, declared a large part of the interest which the United States
had collected upon its foreign loans was from money which the allied Govern
ments had burrowed for that purpose. Figures were presented to the
Committee showing that on the foreign loans, amounting to more than
$10,000,000,000, there has accumulated accrued interest amounting to
$913,531,755 which is unpaid and has been deferred. Of this, France owes
$284,148,803, Great Britain $407,303,382, Belgium $31,007,409. and
Italy, $161,078,880.
Secretary Mellon submitted to the Committee a copy of a letter written
by him last May 11 to the British Ambassador following a conversation
with him nine days earlier on the subject of refunding the British debt.
The Secretary said he confined himself to submitting to the Ambassador
various memoranda prepared as a result of the conference between Mr.
Kathbone and Mr. Blackett.
The papers cannot be said to have been in any sense the drafts or pro
posals of either Government, the Secretary continued, and the fact that
any provision is contained In them does not indicate that ©ithe'* was pre
pared to agree to it. Although 1 understand Mr. Rathbono and Mr.
Blackett were close to an agreement on the whole matter, the discussions
were suspended before an agreeemnt was reached.

A t the bearing before the Committee on July 20 Secretary
M ellon declared it to be the policy of the Treasury to
proceed with the refunding of the Allies' loans and the
collection of interest thereon at the earliest possible date.
Washington dispatches of that date added:
Reports in London and New York that an agreement had been reached
to defer interest payment on the British debt 15 years he added, were ‘‘whol1 y unfounded and absolutely inconceivable.’ ‘
Mr. Mellon declared, however, that there might be cases whore it would
be to the interest of the United States to defer interest payments. Com
pulsory payment, he added, might conceivably “ act as an embargo on
American exports” and under certain conditions attending the fluctuations
of foreign exchange might impose a penalty on the debtor nations.
Mr. Mellon told the Committee there was “ no occasion in the light of the
present situation to grant a deferment of British interest payments.”
“ If Great Britain should ask that the interest on her debt be deferred,
would you incline to grant it?” asked Senator Simmons, Democrat, North
Carolina.
“ I don’t believe that question will arise,” replied the Secretary.
“ Have there been any suggestions made on the part of our foreign debtors
that they be permitted to discharge their debts through turning over of
German reparation bonds?” Senator Simmons inquired.
Mr. Mellon said there had been no such suggestions since he took office.
It was brought out that Under-Secretary Fletcher of the State Depart
ment, had discussed the Liberian credit of $5,000,000, practically none of
which has been used, with Chairman Penrose, who had prepared a bill
to permit payments to Liberia on the commitment. Senator Sutherland,
Republican, West Virginia, suggested that Secretary Hughes be called before
the pending bill was acted upon, which seemed to find favor with the
Committee, although no action was taken. Secretary Mellon will continue
his discussion Monday.
Refunding of the Allied debts, got into Senate debate to-day. Senator
Reed, Democrat, Missouri, stating he w^as glad at least that the public
bad been apprised of proposals by Great Britain that the Interallied debts
be canceled.
Senator Read read a statement accompanying the budget presented this
year to the British Parliament, in which it was stated that “ it is to be hoped”
that it w ill not be necessary to provide for all of the interest on the foreign
debt next year. The Missouri Senator criticized failure of the Treasury to
take any steps toward refunding of the debts in the three years since the
end of the war and also declared the debts were contracted in plain violation
o f the law, in that the debtor nations were not required to furnish bonds.
The Senator’s statement brought a reply later from Senator Glass,
Democrat, Virginia, former Secretary of the Treasury, who declared the
Treasury under his administration never had given support to any pro
posal involving cancellation of the Interallied debts. Mr. Glass read a
cablegram received from President Wilson while the latter was at the Paris
Peace Conference, saying he was keeping “ a close watch.” on the matter of
America’s loans and assuring his Treasury Secretary that there was no
necessity to worry over the proposal that America forgive her debt.
Senator Glass also quoted from a message which he sent in March 1918
to the finance ministers of the Allied nations, declaring that the American
Treasury would not. assent to any proposal to write off, consolidate or
reapportion foreign loans made by the United States. The message added
that the American Treasury was disposed to suspend extension of credits
to any nations participating in any discussion having such an aim.

LIBERTY BONDS RETIRED THROUGH REPAYMENTS
BY FOREIGN GOVERNMENTS.
Through repayments by foreign governments of $70,706,899 of principal of obligations to this country, the Treasury
Department was able to retire $73,939,300 face amount of
Liberty bonds during the fiscal year ended June 30 1921.
Announcement to this effect was made as follows by Secretary
of the Treasury Mellon on July 24:
The Secretary of the Treasury announces that during the fiscal year
ended June 30 1921 $73,939,300 face amount of Liberty bonds were pur
chased and retired by the Treasury out of repayments of principal by
foreign governments. These purchases were made pursuant to Section 3
o f the Second Liberty Bond Act, as amended, which provides that the
Secretary of the Treasury is authorized to apply any payments received

[ V ol. 113.

from foreign governments on account of the principal of their obligations
to the redemption or purchase at not more than par and accrued interest
ot any outstanding Liberty bonds. The foreign repayments from which
the purchases in question were made comprise $30,517,633 57 of repay
ments by the British Government on obligations deemed to have been
giv en on account of IMu man silver, and $16,000,000 on other obligations;
$19,302,357 55 by the French Government, $1,512,901 66 by the Belgian
Government, $605,326 34 by the Serbian Government, $1,794,180 48 by
the Rumanian Government and 8974,500 by the Cuban Government; a
total of 870,706,899 60 of repayments. For the most part, these payments
were on special account, or by way of adjustment of accounts, and should
not be taken to indicate that any general program of repayment of the
foreign obligations has begun.
Tin Liberty I onds retired on this account Include $2,145,950 of Second
1
$44 365,550 of Third I J a n d $2*2 127 800 of Fourth lVs. The
total principal cost was $70,669,004 88 Of tht bonds retired, $95,100 of
Second 4 Ms, $10,371,900 of Third 4 Ms and $27,427,800 of Fourth 4 Ms
wa re acquired from the War Finance Corporation, out of bonds purchased
at par by the Corporation from the United States Railroad Administration
pursuant to the requirements of the Act of Congress approved May 8 1920.

5261,250,250

VICTOR Y NOTES RET1 RED
SINKING FUND.

THROUGH

Secretary of the Treasury announced on July 10 that the
first fiscal year’s operation under the cumulative sinking fund
established by the A ct approved M ar. 3 1919, had been com
pleted on June 30 1921, and that $261,250,250 face amount of
Victory notes had been purchased and retired for account of
the sinking fund during the fiscal year. The total principal
cost of the notes purchased was $254,844,576.

PRICE OF M I L K IS INCREASED ONE CENT PER QUART
FOR THE MONTH OF AUGUST.
Following the announcement of the increase of 1)^ cents
per quart in the August price of milk by the Dairymens’
League Co-operative Association to the distributers of the
milk in this city, which appeared in our issue of last week,
comes the announcement this week by the Borden’s Farm
Products Company of an increase of one cent per quart in
their August price of milk. This will make the August price
of Grade A M ilk to the consumer 18 cents per quart against
17 cents for the month of July; Grade B 15 cents per quart
against 14 cents in July; and “ milk in your own container”
10 cents per quart against 9 per quart in July. These new
prices will be the same that were current during the month
of M a y . It is also the first increase to be made in the price
of milk this year. Regarding the increase, Patrick 1). Fox,
President of the Borden’s Farm Products Company, had the
following to say:
The milk producers’ organization recently advanced their price 70 cents a
hundred pounds, or 1}4 cents a quart, effective Aug. 1 and this faced the
Borden’s Farm Products Company with a grave problem. The price this
company has been paying during July is 39 cents a hundred pounds over the
May price. The company, howrever, has not advanced its price to the
consumer, clinging tenaciously to 14-cent quotation. With the 70-cent
advance granted the producers for August, the company will be forced to
$1 09 a hundred pounds, more than 2 cents a quart, over the May price,
but will advance its price to the consumer but 1 cent.

The new prices as announced by the Borden’s Farm Prod
ucts Company are as follows:
Sealect Grade A Milk__________________________ 18 cents per quart bottle
Household Grade B Milk_______________________15 cents per quart bottle
X Cream_____________________________________ 28 cents half pint bottle
Butterm ilk___ ________ _____________________ 12 cents per quart bottle
Loose milk at Sheffield Stores__________________ 10 cents per quart bott le

PERSONAL INCOME T A X COLLECTIONS FOR
CALENDAR YEAR 1919.
According to figures made public on July 25 by the Bureau
of Internal Revenue at Washington the total personal
income tax levy (normal and surtax) for the calendar year
Dec. 31 1919 was $1,269,630,104. Of that amount $468,104,801 represented normal tax and $801,525,303 surtax.
The number of personal returns filed was 5,332,760, and
the total amount of net income reported by these returns
was $19,859,491,448. The figures do not include the income
tax levy on corporations, the compilation of which as not
yet been completed. The following is tho statement issued
by the Bureau with regard to the personal income taxes:
A preliminary report of statistics of income compiled from the returns
of net income filed by individuals for the calendar year ended Dec. 31 1919
has been completed by the Bureau of Internal Revenue. The compilation
of statistics from the returns of net income filed by partnerships and corpora
tion for the same period is under way, and when completed a comprehensive
statistical analysis of the returns filed by individuals, partnerships and
corporations will be issued in a single volume.
The number of personal returns filed as of the calendar year ended
Dec. 31 1919 was 5,332.760. The total amount of net income reported
by these returns was $19,859,491,448. and the tax (normal tax and sur
tax) amounted to $1,269,630,104. As compared with 1918 the above
figures show a growth of 907,646 in the number of returns filed and an
increase in the total net income reported amounting to $3,931,852,093.
likewise an increase of $141,908,269 in the total tax.
The average net income per return for 1919 was $3,724 05, tho average
amount of tax $238 08. and the average tax rate 6.39‘V
There were filed 65 returns of net income of $1,000,000 and ever. 189
returns of net income of $500,000 to $1,000,000, 425 returns of net income

J uly

30 1921.]

THE CHRONICLE

o f from $300,000 to $500,000, 1,864 returns o f not Income o f $150,000 to
$300,000, 2,983 returns o f not Income o f $100,000 to $150,000, 13,320 re
turns o f not incom e from $50,000 to $100,000, 37,477 returns o f net income
from $25,000 to $50,000, 162,485 returns o f not Incomo from $10,000 to
$25,000, 438,851 returns o f net income from $5,000 to $10,000, 1,180,488
returns not incomo from $3,000 to $5,000, 1,509,741 returns o f not
income from $2,000 to $3,000, 1,924,872 roturnS o f not Income from $1,000
to $2,000.
The number o f join t returns o f husbands and wives, with or without
dopondont childron, and o f husbands whoso wivo, though living with them,
filed separate returns, was 2,858,597.
W ives making separate returns from husbands, 58,534; single men, heads
o f families, 362,797; single women, heads o f families, 88,595; single men,
all other, 1,602,277; single women, all other, 361,960.
Now Y ork filod the greatest number o f returns, 683,085, or 12.81% o f
the total. The amount o f net incom e reported by New Y ork was $3,436,343.179, or 17.31 % o f tho total. Tax paid by Now Y ork was $399,792,351.
or 31.49% o f the total.
Tho next largest number o f returns filed b y States was from Pennsylvania,
539,172. T h e net income reported b y Pennsylvania was $1,838,002,395.
The amount o f Pennsylvania tax on individual incom e was $128,195,161.
or 10.10% o f the total.
The per capita net incomo for New Y ork, according to the population
o f the Census for 1920 was $330 89, and the average net income per return
was $5,030 62.
. The District o f Colum bia is second in the percentage o f population,
according to the 1920 Census, filing return, 13.40% . T he District of
Colum bia reports also tho highest per capita net income, $380 27. Its
average net income per return, however, $2,838 80, is low . Only two
States, M ontana, reporting an average net incom e per return o f $2,544 56;
N evada, reporting an average net incom e o f $2,389 83, and the territory
o f Alaska, reporting an average net income per return o f $2,000 85, are
lower in this respect. Alaska, however, reports the highest percentage of
population filing return, 17.17% , with a per capita net income $343 58,
the second highest.
W hile only 1.45% o f the population o f N orth Carolina filed returns, the
average net incom e per return, $4,346 20, is second highest o f all tho
States following New Y ork.
A review o f the number o f returns filed since the beginning o f the present
epoch o f incom e taxation shows that in 1914 there were filed 60 returns
o f net incom e o f $1,000,000 and over, in 1915 120 such returns, in 1916
206 such returns, in 1917 141 such returns and in 1918 67 such returns.

The following are the figures showing by States the income
tax collections of 1919, the number of returns, the amount
of income reported, the tax paid, the average net income
per return and the average am ount of tax per return:

Returns.
States & Territories. Number.
Alabama . _ _
__
40,789
Alaska___
___
9,427
Arizona
_
_ _
20,495
Arkansas___________
33,556
California _ _______ 266,720
Colorado___ _ ___
57,526
Connecticut
_ _ 110,409
Delaware _
16,059
District of Columbia.
58,616
Florida________ __
31,107
Georgia __ _____ __
58,930
Hawaii _ _ _ _ _ _
8,136
Idaho__ ______
21,448
Illinois. _ • __ __ __ 422,229
130,383
Indiana _ _____ __
Iowa_____ ____
133,796
Kansas_______ ____
76,451
59,332
Kentucky _____
Louisiana_________ _ 52,871
Maine _ ___
__
34,578
116,373
Maryland
Massachusetts__ __ _ 268,307
M ich ig a n .__
__ 181,662
Minnesota____ _____ 123,914
Mississippi ___ __
23,804
Missouri____
_ __ 125,248
42,593
Montana__________
Nebraska_____ _ __
87,344
Nevada_____
8,740
25,601
New Hampshire------New Jersey ............ .
231,757
10,757
New Mexico........ .....
New York____
__ 683,085
North Carolina_____
37,185
North Dakota........ .. _ 27,375
Ohio.... ....................... 308,309
Oklahoma_____ ____
61,500
Oregon___________ _ 49,663
Pennsylvania______ 539,172
Rhode Island______
39,936
Bouth Carolina___ ._ 37,296
South Dakota. _
38,614
Tennessee__________
50,789
Texas___________
176,547
Utah__ __ _
21,164
Vermont....................
13,569
Virginia__ ____ _____
75,966
114,322
Washington______
West Virginia______
45,168
Wisconsin .......... .....
105,793
Wyoming................. .
18,349

Net Income.
Amount.
$133,470,965
18,862,034
61,434,347
123,704,361
981,170,941
191,001.999
347,929,674
62,901,249
166,399,104
107,362,976
219,471,959
33,164,366
65,472,540
1,662,796,441
417,323,251
527,163,054
264,971,649
215,977,422
201,753,808
112,562,525
398,672,772
1,090,808,058
665,475,193
383,920,683
101,262,053
470,443,311
108,380,657
287,457,592
20,887,132
78,565,318
828,428,672
31,587,990
3,436,343,179
161,613,467
80,190,946
1,075,115,926
242,184,301
166,240,606
1,838,002,395
146,109,811
142,688,832
133,174,792
193,909,353
643,172,301
61,913,436
46,204,506
247,658,373
325,920,733
147,949,092
337,851,344
52,463,959

Average
Amount
Average of Tax
per
Tax.
Net Inco'e
Amount, per Return. Return.
$4,668,465 $3,272 233114 45
37.95
357,783 2,000 85
88 65
1,816,899 2,997 53
4,237,673 3,686 50 126 29
48,983,856 3,678 65 183 65
7,196,593 3,320 27 125 10
16,833,829 3,151 28 152 47
7,495,453 3,916 88 466 74
8,170,833 2,838 80 139 40
4,363,089 3,451 40 140 26
9,134,092 3,724 28 155 00
2,145,194 4,076 25 263 67
68 77
1,475,023 3,052 62
99,398,236 3,938 14 235 41
13,541,245 3,200 72 103 85
15,807,707 3,940 05 118 15
9,138,315 3,465 90 119 52
7,595,384 3,640 15 128 01
12,888,655 3,815 96 243 73
4,468,876 3,255 32 129 24
22,630,984 3,425 82 194 47
86,566,938 4,065 52 322 64
55,958,378 3,663 26 308 03
15,696,465 3,098 28 126 G7
5,634,901 4,253 99 236 72
22,146,510 3,756 09 176 82
56 66
2,413,463 2,544 56
98 91
8,639,003 3,291 10
49 77
435,002 2,389 83
2,811,830 3,068 84 109 83
47,321,422 3,574 56 204 18
72 00
774,470 2,936 51
399,792,351 5,030 62 585 27
10,010,348 4,346 20 269 20
49 70
1,360,509 2,929 35
56,505,315 3,487 14 183 27
12,207,129
3,97 92 198 49
8,232,437 3,347 37 165 77
128,195,161 3,408 94 237 76
11,234,132 3,658 60 281 30
5,192,020 3,825 85 139 21
■SO91
3,124,066 3,448 87
9,082,054 3,817 94 178 82
32,302,280 3,643 07 182 96
60 03
1,270,543 2,925 41
2,074.804 3,405 15 152 91
9,020,237 3,260 12 J18 74
11,615,795 2,850 90 101 61
5,319,197 3,275 53 117 76
10,901,097 3,193 51 103 04
78 70
1,444,063 2,859 23

T otal................... .5,332,760 $19,859,491,448 $1,269,630,104 $3,724 05 $238 08

YIELD FROM FEDERAL INCOME AND PROFITU TAXES
FOR FISCAL YEAR 1920-21.
Tho Governm ent's receipts from internal revenue taxes
for the fiscal year ended Juno 30 1921 amounted to
$ 4 ,5 9 3 ,9 3 3 ,2 4 8 , according to preliminary figures made
public July 7, tho income and profits taxes yielding $ 3 ,2 1 2 ,-

479

7 1 3 ,4 8 9 , the latter comparing with $ 3 ,9 5 7 ,7 0 1 ,3 7 4 for 1920
The figures made public on the 7th inst. include the third and
fourth instalments of the 1919 incomes and the first and
second instalments of the J920 incomes. T he statem ent
issued by the Bureau of Internal Revenue also says:
There are also Included various payments on account o f addition assess
ments and amended returns o f Income and profits taxes for prior years
resulting from field Investigations and office adjustments.
T he statements Is based on collectors* telegrams o f Juno 30 and It m ay bo
necessary to make some changes in the final figures.

Of tho total tax collections nearly one-fourth came from
N ew Y ork State, $ 1 ,1 2 4 ,3 5 1 ,7 0 6 , of that sum , $ 8 0 4 ,~
3 5 5 ,6 0 4 represented income and excess profits taxes.
Penn
sylvania came second with $ 4 8 7 ,7 1 1 ,2 6 9 , of which $ 3 5 1 ,3 8 3 ,599 was from income and profits taxes.
Illinois, with a
total of $ 3 8 7 ,7 6 3 ,9 8 2 , of which $ 2 6 0 ,3 0 0 ,2 8 2 was collected
from incomes and profits, ranked third in the list. Others
in the order in which their paym ents ranked, with the total
collected and the am ount from income and profit taxes were:
Ohio, $ 2 8 4 ,5 3 2 ,3 9 6 and $ 2 0 3 ,2 0 8 ,3 8 5 ; M ichigan, $ 2 7 1 ,997,771 and $ 1 8 3 ,8 6 2 ,4 5 3 ; M assachusetts, $ 2 5 8 ,9 0 2 ,8 4 4
and $ 2 1 4 ,0 6 2 ,8 4 7 ; California, $ 1 8 1 ,3 1 3 ,7 2 2 and $ 1 2 7 ,4 2 3 ,338; N ew Jersey, $ 1 4 2 ,8 0 0 ,9 5 1 and $ 9 7 ,3 8 0 ,6 9 4 ; Missouri*
$ 1 2 5,45 1,23 1 and $ 8 6 ,1 2 1 ,1 4 3 and N orth Carolina, $ 1 2 4 ,510,451 and $ 3 8 ,6 6 9 ,0 5 7 . N orth Carolina, in addition to
ranking tenth, according to the am ount collected led th e
Southern States. The following are the collections by States~
States—
A labam a___________________
A rizon a__________________ _
Arkansas___________________
California__________________
C olorad o__________________
C onnecticut________________
Delaware___________________
F lorida_____________________
G eorgia____________________
H aw aii_____________________
Idaho______ _____________ _
Illinois_____________________
Indiana____________________
Iow a _______________________
K ansas___________________
K entuck y__________________
L ou isian a__________________
M ain e_____ ________________
Maryland and D istrict o f
C olu m b ia _______ _______ _
M assachusetts_____________
M ichigan ___________________
M innesota__________________
M ississippi__________ ______
M issouri____________________
M ontana___________________
N ebraska_________ _________
N evada____________________
N ew Hampshire____________
New Jersey________________
New M exico________________
New Y o r k __________________
N orth Carolina_____________
N orth D a k ota _____________
Ohio________________________
Oklahom a__________________
Oregon_____________________
Pennsylvania_______________
Rhode Island______________
South Carolina_____________
South D a k ota ______________
Tennessee_________________
Texas_______________________
U tah _______________________
V erm ont___________________
Virginia____________________
W ashington and Territory o f
A laska___________________
W est Virginia______________
W isconsin__________________
W yom in g ___________________
Philippine Islands (9 m os.)_
*(11 m onths)______________
Total

Income and
Profits Tax.
$14,222,749
2,780,166
8,245,750
127,423,338
25.043.693
49,188,228
9,848,541
10,098,757
28,771,925
18,859,082
3,492,870
260,300,282
49,785,173
28,886,189
26,855,764.
25,090,385
29,245,695
14,468,384

Miscellaneous
Total.
Taxes.
$18,146,542
$3,923,793
I,
348,964 4,129,131
10,323,205
2,077,454
181,313,722
53,890,383
33.960.357
8,916,664
22,184,160
71,372,38811,827,831
1,979,290
16,271,016
6,172,259
36,791,003
8,019,077
20,676,778
1,817,695
4,463,801
970,930
387,763,982
127,463,699
77,354,934
27,569,761
36,954,5098,068,319
38,139,783
I I , 284,019
50,391,608
25,301,223
39,881,000
10,635,305
17,822,985
3,354,601

52,974,617
214,062,847
183,862,453
63,881,989
7,191,000
86,121,143
3,924,709
15,821,201
717,429
8,302,934
97.380.694
1,306,020
804,355,604
38,669,057
2,072,634
203,208,385
21,243,813
21,970,012
351,383,599
35,920,483
26,032,398
3,638,544
25,606,988
52,122,825
7,181,381
4,803,179
31,634,279

37,913,129
44,839,996
88,135,318
23,414,307
1.577.720
39,330,088
1,415,992
7,524,707
451,665
1,928,564
45,420,257
391,800
319,996,102
85,841,393
862,197
81,324,011
5,749,543
5.957.721
136,327,669
6,297,996
2,290,453
1,236,171
8,459,901
24,426,607
3,313,380
1,452,052
29,927,886

90,887,746
258,902.844
271,997,771
77,296,297
8,768,720
125,451,231
5,340,702
23,345,909
1,169,094
10,231,498
142,800,951
1,697,820
1,124,351,706124,510,451
2,934,831
284,532,396
26.993.357
27,927,734
487,711,269
42,218,480
28,322,852
4,874,715
34,066,890
76,549,433
10,494,762
6,255,231
61,562,166

29,446,225
35,802,975
56,932,474
2,534,603

6,957,699
5,748,685
16,791,863
649,146
897,296
19,390,823

36,403,924
41,551,661
73,724,337
3,183,750
897,296
19,390,823

$3,212,713,489 $1,381,219,759 $4,593,933,248

* Sales o f internal revenue stamps by postmasters.

A comparison by States with last year’s totals show con
siderable falling- off of revenue. The following show the
greatest changes:
C on n ecticu t__________
Hawaii __________
Illinois_________________________
In d ian a_________
M assachusetts_________________
M isso u ri_______________________
New Y o r k ......... ...............
Ohio___________________________
P ennsylvania__________________
* Increase.

1921.
1920.
$49,188,228
$75,958,692
18,859,082
10,737,763
260,300,282
310,789,887
49,785,173
49,691,162
214,062,847
302,205,596
86,121,143
101,693,031
804,355,604 1,109,802,448
203,208,385
279,793,930
351,383,599
429,559,915

Decrease.
$26,770,464
*8,121,319
50,489,605
*94,011
88,142,749
15.571,888
305,446,844
76,585,545
78,176,316

T A X R E V IS IO N PROPOSALS.
The work of taxation revision was taken up this week by
the House W a y s and M eans Com m ittee, and in the efforts
to hasten the work of Congress on this and other proposed
legislation President Harding has the current week conferred
with various Senators and Representatives at W hite House
dinners at which members of Congress were his guests.
Last night the N ew York “ Evening P o st,” in referring to
plans for recess, said:
I louse leaders wore understood to be shaping iheir n ns to-day for a
program contem plating a six weeks’ recess for the House beginning between
Aug. 20 and 25, after passage o f revenue, Shipping Board appropriation
and railroad legislation as tho definite goal. Agreement on this program

480

THE CHRONICLE

was said to Lave been reached at a White House dinner conference last
night, at wh e i Lresident Harding is understood to have urged particularly
the passage o f these three pieces o f legislation before the suggested sutmner
recess-

i ht lO t sident it was said was assured by Ways and Means Com m ittee
in-embers present that the tax bill would be brought out on or before Aug 15,
wuli the probability that it could be passed by the Hous : in about five days.
I'ht y were said to hav e pointed out, however, that the expected Democratic
fight on the bill might cause som e delay.

The views of Secretary of the Treasury M ellon on the
question of tax revision were presented to members of the
House W ays and M eans Com m ittee on July 2 2, as to which
the New York “ T im es” in advices from W ashington said:
Federal taxes cannot be greatly reduced for the next fiscal year, as the
n" 1d& of the ( iuv eminent will reach at least $ l ,000,000,000, Secretary Mellon
of the Treasury informed members of the Ways and Means Com m ittee to
day in a discussion o f plans to revise the war revenue laws which the C om 
m ittee will undertake at once.
Secretary M ellon said that unless there was greater evidence o f reduction
in Governm ent expenditures than was evident at present fully $1,000,000,000 within about $2,000,000,000 of the annual expenditures o f the war
period would be required. He also told the Com m ittee members that
final estimates showed that with present exports there was reason to believe
that the new tariff bill would not yield more than $ 150.000,000 annually, and
perhaps I ss
Originally it had been estimated that the tariff would pro
du ce $600,000,000, or tw ee the yield under the Underwood or current
tariff law .
It was indicated by the Treasury experts that it would be necessary to
eliminate the excess profits tax, as prom ised in the Republican platform,
because such a tax would not yield much m oney and it was antagonistic
to business developm ent.
As the result of the conference these things w ere suggested:
1 Elimination o f the excess profits tax and substitution o f a flat 15%
corporation tax instead o f a 10% corporation tax as at present.
2. R eduction of incom e surtaxes to 4 0 % .
3 Reduction o f the transport tax to half the present rate, although it is
not known now w hether this can be safely done.
4 Repeal o f the tax on soft drinks and a number o f drugs.
There may be a number o f other slight changes in som e o f the nrscellaneous taxes, but at the present time there is no certainty that the taxes
can be reduced.
Chairman Fordney o f the W ays and M eans Com m ittee is hopeful that the
wrork o f Charles G Dawes as D irector o f the Budget may bring about such
savings as to permit Congress to reduce the taxes below what now seems
possible. M r. Fordney thinks that the expenditures on the arm y and
navy should be reduced and that there should be great saving in the opera
tion o f t he Shipping B oard.
It is believed that the W ays and M eans C om m ittee will prepare a bill to
raise $4,000,000,000, less the amount expected to come from the increased
custom s duties, and that the taxes m ay be reduced by the Senate Finance
Com m ittee if the recommendations o f the Budget D irector justify savings
which will make further tax reductions possible.
At the present time the situation, all those who saw Secretary M ellon said,
did not warrant any very large reductions in taxes.

W ith the opening of hearings by the W a y s and M ean s
C om m ittee on proposed tax measures on Tuesday of this
week, Chairman Fordney announced that there had been
an agreement among m embers of the Com m ittee that in a
revision of the revenue laws no provision would be made
for a sales tax. W hen H . C . M cK en d rie, tax representative
of the Am erica Farm Bureau Federation, appeared before
the C om m ittee, prepared to oppose this form of tax on the
2 6 th , he was advised to proceed with arguments on other
phases of the general tax question, in view of the C om m it
tee’s attitude. W ashington press dispatches July 26 also
said:
Am ong other tax plans to which members o f the Com m ittee are under
stood to be giving consideration in their search for m ethods to raise the
approxim ately $4,000,000,000 o f revenue required is a return to the threecent postage stam p. Stamp taxes, including a levy on bank checks, also
probably will be considered as possible features o f the bill, although m any
members c f the Com m ittee are frankly opposed to the idea.
A flat tax on corporations to offset losses resulting from repeal o f the
excess profits levy, which is regarded as certain, is the most generally sup
ported o f the proposed m ajor assessments, having the indorsement also of
Secretary M ellon. Com m ittee leaders said they believed this would take
the form o f a 15% levy on corporation incomes, with the present $2,000
exemption abolished.
Representative M ills. Republican, New Y ork, appeared to explain his
bill proposing a reduction o f surtaxes and imposition o f taxes on the basis
oi personal expenditures. He declared that present tax laws were causing
a maximum o f damage to the business com m unity and yielding adiminishing return each year.
M r. M ills said there should be no tax exempt
securities.

On the 28th inst. advices from W ashington appearing in
the Philadelphia “ Record” said:

[Vor,. 113.

Hugh Sattehs, a New Y ork lawyer, proposed repeal o f the tax o f $1 on
i-ach $ 1 .C00 o f the capital stock of corporations in excess o f $5,000 and an
increase o f l ( t in the income tax o f corporations, to make up the estimated
deficit o f $93,000,000 annually, lie said the capital stock tax was an
annoyance and that its repeal would make for a simpliication o f taxation.

la reporting discussions in the House on the 28th inst.
relative to tax revision, press dispatches from W ashington
said in part:
Tax revision got into the House debate to-day with a prediction by
Representative Garner o f Texas, ranking D em ocrat on the W ays and
Means Com m ittee, that the Republican m ajority o f that Com m ittee would
make few changes in the existing revenue law, leaving to the Senate the
task of perfecting the measure. Representative M ondoll, the Republican
leader, countered with an assertion that the House would send to the
Senate a bill, “ the best possible product o f our judgm ent.”
Specifically, Mr. Garner said the House Com m ittee would provide only
for repeal o f the excess profits tax, a reduction in the surtaxes to a maximum
oi 25 to .35' and an increase o f the *ax on corporations. lie said that all
oth'T taxes in the present law would probably be left as at present.
T he Texas member said that he saw by the newspapers that President
llarding would entertain to-night “ Dr. M ondell, Dr. Fess and several
other doctors from the H ouse.”
O n l y a dozen o f your Republicans will be there,” he added, “ but they
w ill tix the program and bring it back to a secret conference, and you will
be asked to accept it.”
Supplementing his remarks later, M r. Garner said that his information
was that the Republicans planned to offer the few changes he had out
lined as a “ feeler” to the country, and that the Senate Finance Com m ittee
would redraft the tax bill in the light o f the reaction noted during the
proposed recess o f Congress.
T he debate in the H ouse came between two com m ittee sessions at which
additional witnesses appeared asking the repeal o f various taxes. Chairman
Fordney plans to close the hearings to-m orrow and to begin drafting the
bill after two or more days o f executive hearings. At that time Treasury
and Internal Revenue experts will be heard.
W . V. llill o f San Francisco, representing asociations o f public utilities,
asked the Com m ittee that if the corporation tax was to be.raised public
utilities be excepted. He said many were already in the hands o f receivers.
Representative Ramseyer, Republican, o f Iowa, urged the Com m ittee
to increase the inheritance taxes by fixing rates, beginning at 2 % , on estates
valued a $50,000 and rising up to 75% on estates, worth in excess o f $15,000,000. with 20% added to these rates where the deceased left neither
widow nor children.
Arguments in favor o f four tax revision bills introduced by Representative
Keller, Republican o f M innesota, were presented by a delegation from the
Com m ittee o f manufacturers and merchants on Federal taxation, with
headquarters in Chicago.
T he four bills provide for repeal o f the excess profits, corporation income,
transportation and all sales taxes except those on tobacco, alcohol, oleo
margarine and products o f child labor. T hey would lower exemptions on
inheritance tax to cover estates o f $20,000 and raise and steeply graduate
existing rates. T h ey would distinguish between earned and unearned
incomo, lowering the rate on the former by 5 0 % . Provision would be
made for a tax o f 1% on the privilege o f holding land and natural resources
valued in excess o f $10,000 after deducting the value o f all improvements.

C. A. S P R E C K E L S I N L E T T E R TO H E R B E R T H O O V E R
D E N I E S C H A R G E S OF C U B A N S U G A R
D IS C R IM IN A T IO N .
A letter in which he undertakes to refute charges which
have reached Secretary of Commerce H oover, and which
are being spread in Cuba to the effect that the Federal
Sugar Refining C o. is antagonistic to Cuban sugar, was
addressed to Secretary H oover by C . A . Spreckels, President
of the com pany, on July 2 2.
This letter supplements an
earlier denial by M r . Spreckels regarding reports of a cam
paign against Cuban sugar, his previous statem ent, con
tained in advices to Secretary H oover, having been given in
our issue of July 16, page 253.
In his letter of the 22d inst.
M r . Spreckels enters into an extended discussion of the
Cuban sugar situation, and the formation of the Cuban
Sugar Commission.
Turning to the action of the C om 
mission in advancing the price of raw sugar to 6 cents a
pound, M r . Spreckels states that “ feeling confident that the
Commission was not in a position to dictate the price of
sugar in this country for any considerable length of time, the
Federal Sugar C o ., acting under m y advice, of course re
frained from purchasing sugar at prices higher than those
prevailing in our own possessions.”
M r . Spreckels states
that the business of his com pany “ is refining sugar, not specu
lating in sugar. A s long as the price is stable, the profit to
the refiner is also stable; when the price is inflated, pur
chasing sugar for future consumption is a hazardous opera
tion to the refiner.
This and nothing m ore,” he says,
“ explains the course of the Federal Sugar Refining C o. and
the reasons for that course.”
The following is M r . Spreckels’
letter:

Few new suggestions on tax revision ijave been offered b y witnesses
appearing during the two days o f public hearings, leaving the Administra
tion plan as a principal recom m endation before the Com m ittee. This
contemplates:
Repeal o f the excess profits tax and making good the less o f revenue by a
m odified tax on corporate profits or a flat additional tax upon corporations
and the repeal o f the existing $2,000 exemption applicable to corporations,
to yield an aggregate revenue o f from $400,000,000 to $500,000,000 annually.
July 22 1921.
Readjustm ent o f the income tax rates to a maximum com bined normal ,IIon Herbert C. Hoover, Secretary o f Commerce, Washington, D . C.
and surtax o f 40% and the im position o f sufficient new or additional taxes
M y Dear M r. Secretary: On the 6th day o f July 1 received a letter from
o f wide application to bring the total revenues up to $1,000,000,000 a year.
you inquiring whether or not the Federal Sugar Refining G o., o f which I
Repeal o f the m inor “ nuisance” taxes, such as the tax on soda water.
am President, was discriminating against Cuban sugars, to which 1 replied
T h e suggastion put forward that first-class postage rates be increased the same day that such was not the fact.
to three cents got into the Com m ittee hearing to-day without indication,
Shortly before this the Cuban Vice-Consul called to inquire concerning
however, j hat it had as yet been given serious consideration by the members. the same matter— I replied to him as l replied to you.
Postmaster-General H ays estimates that restoration o f the threo-cent letter
On M onday last I received a visit from a M r. M cG ow an, who stated that
postage would yield between $75,000,000 and $80,000,000 annually, and he had been directed by the Department o f Commerce to make a further
he said to-day that department studies were being instituted on which at investigation, m y reply to you being apparently considered insufficient
report and recommendation would be given the com m ittee.
In view o f these circumstances it appears to me desirable to make clear
M ost test im ony before the C om m ittee to-day had to do with a shifting my position in regard to sugar so that there will bo no further occasion for
o f the tax burden, although organized labor, through its spokesman, joined misunderstanding either on the part o f the Department or on the part of
with farmers’ organizations in urging retention o f the excess profits tax.
the public.

I

Ju l y

80 1921.]

THE CHRONICLE

481

In tho year 101.3 the Cuban production o f sugar was 2,597,732 tons and able to obtain promises to be very large; tho <arry over from the year 1921
the average New York cost and freight price was 2.15e. per pound.
in Cuba and the United .States will In my opinion amount to not less than
North America is the normal limit o f the Cuban market. During the 2,000,000 tons; there will Ixi no market capable o f absorbing both the, portion
war, for sugar as in the case o f other com m odities, Europe drew heavily o f tho crops o f 1921 carried over arid the crop product*! in 1922. It may
on this country and on Cuba; as a consequence in 191(1 (the year before this bo that by maintaining control o f the Cuban sugar market, the Commission
country entered the war) tho Cuban production was .3,000,624 tons.
can sell a part, but only a small part, o f the sugar which it win control at
After America went into the war, this Government purchased the entire relatively high prices; If this b(5 done the Commission win Jn a sense dictate
1917-1918 crop at the price o f 4.60c. f.o .b . Cuba, which remained the price the price but It will not still its sugar, for In 1922 the remaining (hiban sugars,
the boot sugars and sugars from our insular possessions will supply the mar
until tho Government purchased the 1918-19 crop at the price o f 5.50c. f.o.b .
Cuba. Y ou are familiar with the distribution o f these crops.
ket demand and the Commission will accumulate sugar in increasing quan
On the first o f January 1920 open market conditions had com e to prevail tities, Including this time nearly the whole not merely a part- o f an entire
so far as sugar was concerned and the price for Cubas cost and freight rose season’s Cuban crop. This in m y opinion is a burden greater than the
to 11 % c. per pound. The restoration o f the open market >vas followed by growers o f sugar, however supported, win be able to support and must
tremendous speculation in sugar. In this country the dislocation o f the necessarily result in a terrible disaster a disaster worse than that which
supply o f sugar had been such that the American public was solicitous as to Cuba has suffered this year— and a disaster, the effects o f which are likely
their ability to procure such sugar as they wished.
to bo felt by all o f those everywhere who then are dependent in any degree
Thus the producers o f sugar wore for a time in a position to dictate the upon the prosperity o f the sugar Industry.
price which the consumer should pay and advanced the price until it reached
Yours very truly,
the figure o f 223^c. per pound cost and freight for raw sugar.
C. A. HER ECK ELS, President Federal Sugar Refining Co.
During all this period events were m oving in their natural course; Europo
planted its beet crop and prepared to furnish its own supply. The high
prices led to extensive planting in Cuba. Tho American beet crop was R E P O R T S OF T U R K A T E N E D E P I D E M I C OF P E L E A ORA
increased; and when (in M a y 1920) refined sugar stood at the figure o f 26J^c.
I N C O T T O N B E L T — A C T I O N B Y P R E S . If A U D I NO.
per pound, it was perfectly obvious that the available supply o f the world
Reports of semi-famine conditions in a large section of the
must far exceed normal consumption.
I therefore considered that the only safe course to pursue was to with cotton belt, with a threatened epidemic of pellagra, have
draw from the market as a purchaser o f sugar for future consumption, as prompted President Harding to seek an investigation by the
the bursting o f tho bubble was inevitable and no one not possessed with the
United States Public H ealth Service and the Am erican Red
idea that tho owner o f sugar held the jx>wer to exact unlimited toll from the
Cross with a view to determing the situation, “ the outlook for
consumer would have continued to purchase in such a market.
During the month o f August 1920 the inevitable reaction followed;
the future, and the measures necessary for prom pt and
refined sugar declined until it reached a price o f 7.90c. by tho end o f the year.
effective
relief.’ ’ The President has addressed both or
It at once became apparent that wholesalers, jobbers, retailers and the
public had accumulated abnormally large quantities o f sugar at absurdly ganizations enlisting their co-operation for remedial measures,
high prices and that m oney had been loaned on sugar at prices far in excess and in his letter to the Red Cross he states that if the survey
o f its econom ic worth. Indeed it became apparent that to maintain these
“ shall develop the need of legislative provision for special
high prices sugar had been withheld to such an extent from the market that
there was carried over in Cuba and the United States on Jan. 1 1921 a relief I will be glad . . . to lay it before the Congress and
stock in excess o f 1,000,000 tons.
ask the authority that I have no doubt it would prom ptly
The 1921 Cuban crop, amounting to nearly 4,000,000 tons— one o f the
A similar letter has
largest crops ever produced— came on the market and by this tim e the grant, once the need be sh ow n .'’
European market for sugar was largely curtailed as a consequence o f pro likewise been addressed by him to the Public Health Service.
duction in Europe, coupled with the disturbed financial situation. The
These reports have been followed by a protest from
high prices prevailing had encouraged extensive planting o f beet and it was
quite apparent that the supply o f sugar was greater than would be con officials of eight Southern States, who, it is stated, declare
sumed b y the people in the form o f foodstuffs.
that there exists no such serious situation as has been re
The econom ic catastrophe which resulted is one with which you are
ported. Regarding these protests dispatches from W ashing
familiar.
ton July 26 said:
Foreseeing this situation I did not permit the Federal Sugar Refining Co.
to purchase sugar at high prices beyond its immediate requirements, and
The Georgia Senate passed a resolution denouncing the report o f a pellagra
the fact that the com pany is at present out o f the market for the purchase of epidemic as “ dam ning.” T he Secretary o f the State Board o f Health
raw sugar m ay have given rise to the thought that the Federal Sugar Co. declared the disease showed no increase and the M acon Chamber o f C om 
was acting in hostility to the planters. This is absurd; the com pany acts merce telegraphed a protest to the W hite House. Florida’s state health
solely with due regard to the prudent transaction o f its own business and officer contended his State showed a decrease. The State Board o f Health
in no other manner and with no other m otive.
o f Alabama also asserted a decrease. T he Tennessee Health Board re
On the 11th day o f February 1921 the Cuban Government, desiring i ported “ nothing unusual.” South Carolina adm itted an increase, but no
primarily to stabilize the price o f sugar, and apparently acting under the “ semi-famine” and contended there was “ nothing alarming.” Arkansas
belief that Cuba could still dictate the price o f sugar, formed a Sugar Com  reported “ nothing alarm ing,” and Louisiana reported a decrease. Missis
mission; this Commission took control o f certain sugars in Cuba, but not all sippi acknowledged twice as m any cases this year as last, but disclaimed
the Cuban sugars, the uncontrolled sugar being that stated to have been sold an epidemic or a “ sem i-fam ine.”
or contracted for prior to the creation o f the Commission. Shortly before
A statement issued by the Public H ealth Service (made
the time the Commission was form ed the price o f Cuban raw sugar was
3.50c. per pound cost and freight New Y ork; an attempt was then made to public July 24) stated that the latest reports to it show that
advance the price and the Cuban Commission quoted the following prices the plague will this year claim about 100,000 victim s.
It
during the following months:
F e b ru a ry ___4 % c . c. & f. New Y ork
M arch 7 ____5c.
“
“
M arch l7 ___5 M c.
“
“
April 6_____ 5c.
“
"

|April 13____ 4 % c . c. & f. N ew Y ork
|April 20____4 % c .
“
“
“
|April 26___ 3 % c .
|July 8 ______ 3c.

This applied to all sugars other than those free from the control o f the
Commission.
A t the tim e the price was being advanced the Commission, or some o f
its members, expressed the view that the price o f Cuban raw sugar would
advance to 6c. per pound.
Feeling confident that the Commission was not in a position to dictate
the price o f sugar in this country for any considerable length o f time, the
Federal Sugar C o., acting under m y advice, o f course refrained from pur
chasing sugar at prices higher than those prevailing in our own possessions.
Philippine sugar and P orto Rican sugars eventually selling at as m uch as
K c. per j)ound below the price fixed b y the Cuban Commission and the
Federal Sugar C o. naturally and properly purchased where it could pur
chase at the best prices obtainable.
The question o f the length o f time during which an adequate supply of
sugar could be obtained from sources other than thos controlled by the
Commission depended not only on the production o f the countries other
than (Juba accessible to this market, but also on the stock o f sugar hand
in this cou n try. It was m y opinion that these stocks were much larger than
assumed in the estimates commonly circulated. Accordingly the Federal
Sugar Refining C o. refrained from purchasing controlled sugar at prices
which I considered unjustified by econom ic condtions. As controlled
sugars were sold and freely offered in Cuba for less (selling at times less than
one-half; than the price fixed b y the Commission the abnormal character
o f the price demanded was in m y opinion clearly established.
At the present moment the supplies o f sugar from Porto R ico and from
the Philippines in large part have been marketed. This is also true o f the
Han Domingan and other foreign sugars which com peted successfully in this
market against controlled sugars, notwithstanding the tariff advantage of
20% in favor o f Cuban sugar. However, in approximately thirty days the
Californian beet crop will be in the market, and sugars from this source
available; following this and in about a m onth later beet crops from other
States win continue to afford a supply and I cannot feel that at the present
moment the price o f sugar is stable. All this time an enormous supply of
controlled sugar continues to exist.
Under these circumstances the Federal Sugar Co. has refrained from pur
chasing supplies o f sugar at prices considered artificial. The business of
' fi.i.i, com pany is refining sugar, not speculating in sugar. As long as the
price is stable, the profit to the refiner is also stable; when the price is in
flated purchasing sugar for future consumption is a hazardous operation to
the refiner
This and nothing more explains the course o f the Federal
Hugar Co. and the reasons for that course.
Permit me, however, in concluding this letter to point to what I believe
Win be the very deplorable condition which is likely to exist unless the natural
jaw o f supply and demand is at least to some extent recognized. T he Cuban
sugar crop for 1922 has been planted, and from such advices as 1 have been

further stated that the fact that it would “ show a heavy in
crease this year was foreseen last year when the cotton m ar
ket fa ile d ."
Last year’s crop, it is pointed out, is still unsold,
and neither tenant nor planter has received the money on
which they had depended.
Inevitably, it is added, “ there is
pressure all down the line, and the tenants whose credit has
been reduced to the disappearing point, are obliged to live on
the cheapest foods obtainable.”
Proper food and medical
care, says the statement “ are urgently necessary to save the
live’s of those already ill, and to preserve the health of those
who will become ill unless they receive aid until the cotton
market revives.” A second remedy the statement suggests
“ is to induce the farmers to diversify their crops” b u t, as it
is “ too late to plant this year, and the returns from next
year’s planting will not be available till next Sum m er,”
this it is argued, “ is not a measure of immediate relief.”
The following is the statement of the Public Health Service:
While the American people have been spending money lavishly to save the
Chinese and the Europeans from starvation a veritable famine has been
developing in the rural districts o f the South, and particularly in those o f the
cotton belt, which stretches from Eastern Texas to the Carolinas. The
tenant farmers, m ost o f whom devote all their land to cotton and allot
not even a foot to kitchen gardening or for the use o f a cow or even o f some
hens, have been forced by the failure o f the cotton market to adopt a starva
tion diet that is rapidly decimating them.
The latest reports to the United States Public Ilealtjh Service show that
pellagra, which results the world around from famine conditions, will this
year claim about 100,000 victim s, o f whom at least 10% will die; and that,
unless radical relief measures are taken, it will take a still heavier toll from
the already enfeebled population in 1922.
That pellagra would show a heavy increase this year was foreseen last
Fall, when tho cotton market failed. M ost American cotton is raised on
shares b y tenant farmers, who are “ carried” by the land-owning planters
for about six months each year, during which they are provided with food
and clothes for themselves and their families, to be paid for when the crop
is sold in the Fall.
Last year’s crop however, is still unsold, and neither tenant nor planter
has received the money on which they had depended. The planters are
almost moneyless and are unable to obtain further credit from the banks
which are also hard pressed. Nevertheless, the tenants must be carried
till next Fall, with no assurance that the cotton market will come back
even then.
Inevitably there is pressure all down the line, and the tenants, whose
credit has been reduced to the disappearing point, are obliged to live on tho
cheapest foods obtainable.

48$5

THE CHRONICLE

Thebe foods, ba.lt pork, corumeal and molabbeb, valuable as they are when
balanced by other foods, such as lean meat, eggs, and milk and vegetables,
lack certain elements that are absolutely essentail to the maintenance of
health And the ‘other foods' are away beyond the purses of the tenants.
Conditions have been getting steadily worse for mouths and the cumula
tive effect is becoming serious. It Lakes about five months of this particular
kind of semi-starvation before pellagra begins to manifest itself, but after
that it does so with appalling rapidity. This second stage is now well
under way.
Two remedies are suggested by the Public Health Service—to help the
victims directly and to help them to help themselves Only the first method
is immediately applicable. Proper food and medical care are urgently
necessary to save the lives of those already ill and to preserve the health of
those who will become ill unless they receive aid until the cotton market
revives if it does not revive this Pall aid will probably be necessary for a
year or more.
The second remedy is to induce the farmers to diversify their crops, or at
any rate to plant kitchen gardens and to keep pigs, hens and possibly a
milch cow . The planters might insist on their tenants doing this. It is,
of course, too late to plant this year, and the returns from next year’s
planting will not be available till next Bummer, so this is not a measure of
immediate relief.
However, once established, these things would offer an imoprtant pro
tection against the recurrence of outbreaks of pellagra, which ravage the
country at every recurrence of hard times.
The Public Health Service has begun work on both these lines. It is
be-speaking the aid of the Red Cross and of other relief agencies in providing
immediate local relief; and it will immediately call on the health officers of
the Southern States and on other agencies interested to meet for a conference
in some central Southern city to consider ways and means for rescue work.

President Harding’s letter which was addressed to the
Public Health Service, following the issuance of the above,
is given herewith.
The White House, Washington, July 25 19*21.
Surgeon General Hugh S. Gumming, the Public Health Service, Washington,
D. C.
Dear General Gumming.— I have been greatly concerned to note the public
statement from the Public Health Service as to the menace of pellagra
and condition of at least semi-famine in a large section of the cotton belt.
That such a condition is obviously a temporary incident to the economic
dislocation following the war cannot lessen our concern. Famine and
plague are words almost foreign to our American vocabulary, save as we have
learned their meaning in connection with the afflicitions of lands less favored
and toward which our people have so many times displayed large and
generous charity.
Immediate and effective measures of amelioration are manifestly de
manded if conditions even approximate the gravity suggested by the Public
Health report. It is unthinkable that we should delay for a single day the
institution of such measures. Therefore I am writing to ask you for the
most complete possible report that can be made at once— provided there is
anything to add to what you have already made public—and especially for
suggestion of proper measures to deal with the situation.
I am also writing to Dr. Uvingtson Farrand, head of the American Red
Cross in the same tenor, and suggesting that co-operation between his
organization and your own might be helpful, having in mind the need for
haste in making a full survey and in planning relief measures. I wish you
both to be assured of my co-operation and of all aid that can appropriately
be given through the Executive departments, and to know that if full
information about the situation shall make it apparent that legislative
action is necessary, I will, on a proper showing, be prepared to ask the
requisite authorization from the Congress.
Most sincerely yours,
W ARREN G. HARDING.

President Harding’s letter to the American Red Cross
follows:
The White House, Washington, Ju'y 25 1921.
Dr. Livingston Farrand, Chairman Central Committee, American Red Cross,
Washington, D. C.
Dear Dr. Farrand.— Recent reports of a distressing condition among the
rural population in a large section of the cotton belt are confirmed by a
public statement from the Public Health Service. They indicate that, due
to the depressed cotton market, many thousands of people are unable to
sell their one product for money wherewith to obtain a necessary variety of
wholesome food, and that there is grave threat of an epidemic of pellagra.
It must bring a shock to the American people to realize that a great sec
tion of their own country, which they are wont to think of as immune from
such experiences, is actually menaced with famine and plague. For this is
what it would be called if it should befall in any other country, and we
may as well give it its right name. It is, of course, a consequence of the
economic disorganization following the war, and it demands instant and
vigorous attention. Our people, so long and so often moved by splendid
charitableness toward the unforunates of other lands, will never permit such
an affliction here at home.
Moved by a realization that there must be no delay in coping with such
a condition. I am writing to ask you if the Red Cross can make an imme
diate investigation and report the present situation, the outlook for the
future and the measures necessary for prompt and effective relief. I am
inclosing a copy of report which Surgeon General Cumming has made and am
asking to be advised whether the Red Cross possesses the organization and
means to make, perhaps in co-operation with the Public Health Service, a
survey and outline of necessary measures. Inasmuch as promptness and
accuracy are vitally important in such a matter, I will be glad to enlist any
public instrumentalities that may properly be employed to assist in the task.
Concurrently with this letter, I am also addressing one of like tenor to
General Cumming, suggesting, as I am also taking the liberty to do with you,
that you and he confer about the matter. You may be assured of my full
co-operation. It is proper for me to add that if your survey shall develop
the need of legislative provision for special relief, I will be glad, when the
evidence is at hand, to lay it before the Congress and ask the authority
that I have no doubt it would promptly grant, once the need be shown.
Please consider me ready and anxious to help in any proper way, by
conference or otherwise.
Very sincerely yours,
WARREN G. HARDING.

It was announced last night that President Harding in a
letter to Representative Byrens of South Carolina had
indicated that the inquiry would be conducted, despite the
protests from the South. President Harding in his letter
said:
You may be assured that the last thing in the Administration’s mind
has been to exaggerate the seriousness of the situation or do anything which

[ V ol. 113.

would cause undue alarm. The effort is merely to develop the facts in
order that a proper course may be determined in view of them.

The reports will be the subject of a conference in Washing
ton on August 4, to which health officials of thirteen South
ern States have been invited by Surgeon Gen. Cumming of
the Public Health Service. The Southern Commercial
Congress lias also called a conference at Montgomery, A la .r
on August 15 to consider the matter.
HOW

H ENRY FORD

MET

M ATURING

OBLIGATIONS

$58,000,000.
The story of how Henry Ford financed his own industry
without banking or other outside aid, when the slowing
down of business and maturing obligations of large volume
made necessary the adoption of extraordinary measures, is
detailed in an interview with James Swinebart, printed in
the “ Detroit News” of July 22. With but $20,000,000 cash
on hand, and being called upon to meet $58,000,000 in obli
gations between January 1 and April 18, Mr. Ford tells how,
through liquidation and economy, he was able to raise $87,300,000, this sum (which included the original $20,000,000)
being realized as follow s:
OF

Turning into cash of stock on hand Jan. 1 to April 1------------ $24,700,000
Release of stock in transit_________________________________ 28,000,000
Collections from agents at foreign ports------------------------------- 3,000,000
Sale of by-products------------------------------------------------------------- 3,700,000
Sale of Liberty bonds--------------------------------------------------------- 7,900,000
$67,300,000
Cash on hand January 1---------------------------------------------------- 20,000,000
Total ________________________________________________ $87,300,000

The following is the story, as told in the “ Detroit News” :
On a late January afternoon last winter a high-powered motor car rolled
up to the door of Henry Ford’s home in Dearborn and out stepped a banker,
formerly of Detroit, now connected with one of the biggest banks on Broad
way.
In answer to his ring, the door swung wide and a moment later he was
shaking hands with the motor manufacturer.
This banker, according to Mr. Ford’s associates, was the official emissary
of a group of Wall Street banking interests, come to offer the manufacturer
a loan.
“ But I do not need to borrow money,” Mr. Ford is reported to have told
him. “ I can finance all my companies’ operations myself.”
“ I think not,” the banker confidently went on. “ We know your obliga
tors, we know your cash reserves and we know you need money. Now I
have written out here a plan by which we can assist you. I would like to
read it to you.”
The manufacturer is reported to have told him his effort would be a
waste of time and breath, but if he still wished to read his proposition, he
might do so. The manufacturer would do him the courtesy of listening.
The reading went on for several minutes. Then the banker, suddenly
breaking it off, asked: “ Who’s going to be the new treasurer of your
company?” (The former treasurer had recently resigned.)
“ That makes no difference to you, does it?” the manufacturer answered.
“ Oh, yes, it does,” the banker came back. “ We’ll have to have some say
as to who the new treasurer shall be.”
That remark closed the interview.
“ I handed him his hat,” said Mr. Ford, “ showed him where the door was
and told him to take his things and get out right quick. The next time I
saw Edsel I told him that, in the future, he was to be the treasurer as
well as president of the Ford Motor Company.”
That meeting was the showdown in a situation which, developing for
months, had been watched with intense interest by industrial America.
During the previous summer and fall industry generally, the country over,
had been gradually slowing down. In Detroit plant after plant had closed
down or reduced production to a minimum. The number of the unemployed
was rising steadily. Everywhere there was talk of a “ black winter.”
Only at the Ford Motor Company production rushed on unabated with
full forces and three shifts a day. It was the “ wonder plant” not only of
Detroit but of the whole country. It engendered a strong feeling of con
fidence in the community.
Then, in September, the country was startled and electrified by announce
ment of a big cut in the price of the Ford cars. The company announced
that it made the cut in anticipation of lowered prices of raw materials in
the future, that for a time it must manufacture at a loss, but that, in the
hope of hastening a general return to the basic prices of peace times, it
would take its loss now— and it charged off to loss $17,000,000. That is, it
put a value of $88,000,000 on stock, raw and manufactured, that had cost
it $105,000,000 and continued full production on the new basis.
In the weeks following Ford business was appreciably stimulated, but
generally speaking, on both the local and national basis, the closing down
of industry went steadily on. Then suddenly over night, it seemed, sprang
up a host of rumors that even the Ford Company was affected. Vague,
intangible reports spread over the country that, due to the cut in price and
to other causes, grave financial problems now confronted the Ford Company
and soon it must close down or go bankrupt, or both.
Reports, ostensibly emanating in New York, Chicago, London and about
every place else except the South Sea Islands and always “ on highly cred
itable authority,” had it that Mr. Ford, his back to the wall, was making
a supreme effort, using every resource at his command, to borrow money
in every market at home and abroad—but always in vain. The end was not
to be far off, and when, early in December, came an official announcement
that on Dec. 23 the great plant at Highland Park would close down “ two
weeks for inventory,” confirmation was given the rumors in the popular
mind, and with a hundred variations there seemed to be sufficient of fact
behind them to get them on the news wires, and thus they were carried to
the ends of the earth.
Even sober, level-headed business men began to believe that within the
Ford organization something was fundamentally wrong. Two weeks passed
but no reopening, and then announcement that the time of resumption of
operations was “ indefinite.”
Wall Street clamored that Ford was “ broke,” and that if the plants ever
opened up again they would be in new hands; that Mr. Ford was ready to

J u ly 30 1921.]

THE CHRONICLE

retire. Just at this juncture, according to Mr. Ford's associates, different
Now York banking groups sent representatives to Detroit offering loans
on different terms. According to Mr. Ford, only one of these representa
tives ever discussed such an offer. He was the gentleman who was shown
the door.
In twenty minutes Wall Street found out very definitely whether Mr.
Ford needed funds. Within ten days after that, meeting postcards went ou(
from the office calling 10,000 men back to their machines. Within six
weeks more the plant was again in full operation.
Since that time, with production records smashed almost weekly, the
company’s increasing sales and production have become the marvel of the
industrial world. On July 12, 4,401 cars were turned out in a single day.
Total production for July will be close to 100,000 cars, and still Mr. Ford
says production is far behind orders.
Crisis Met by Liquidation and Economy.
What brought about this change? The answer is in two words- -liquida
tion and economy.
Ford did to his business what the doctor does to a man prostrated by
over-eating and drinking— he administered a stern regime of fasting and
diet. He stopped buying. Then, by turning all his stock on hand, rough
and manufactured, into cash and, by eliminating every element and unit
throughout the whole vast organization that did not produce, he forced his
industry, for a time, to live off its own fat. He met obligations, not by
borrowing money, and thus perpetuating numberless extravagances that
had crept in during the war, but by devising new methods of buying, in dis
tribution, administration, accounting and by eliminating waste.
The story of how Henry and Edsel Ford, with methods long planned to
meet the coming storm, engineered their industry into a position such that
there never was a moment when it was pressed for ready cash for its needs',
and thus, to the amazement of Wall Street, “ turned the corner/’ is a kind
of business and industrial epic.
Out of the plant of “ The Dearborn Independent” the other day, Mr.
Ford sat, coat off, watching a never-ending procession, moving along the
roadway just outside, of mowers, threshing machines and wagons, hauled by
tractors, on their way to and from the harvest fields Q? hi? estate. The
fey was hot, He was reluctant to talk,
^I’m thinking now of the present and future,” he said. “ That financial
matter is a thing of the past. Let it stay there.”
“ But,” some one suggested, “ there are other plants, big and little,
throughout the country, that to-day face the same problems you had. They
might benefit by your experience.”
His face brightened, and then broke into a smile as he said: “ Now,
you’ ve said something. Maybe it would be worth while.”
An Account of Experience.
So he sent for a lot of records and data, illuminative of what was done by
the company in the ten months just passed, and with this before him said:
“ If there’s anything in my experience during the last year that will help
anybody, they can have it right off. My father used to say to me: *Never
buy things until you need them ; if you’ve got anything lying around that
you don’ t need, sell it.’ I used to laugh at him, but now I know he was
right. Then, too, there are ways of meeting financial obligations other than
borrowing money. Increasing efficiency to get decreased manufacturing
costs, and thus turning waste into dollars—that’s one of them. When you
need it is a poor time to borrow money; the man with the money can de
mand too high terms.”
“ Is there any one thing,” I asked Mr. Ford, “ to which you can ascribe
your success in mastering all your problems— any basic formula principle
that I could express in a few words?”
“ Oh, yes, there is,” said the manufacturer, sitting up in his chair, very
much interested now, and pointing his finger in emphasis. “ Yes, there is.
Yrou’ll find the central idea of the whole thing in the Bible, in Hebrews,
XI, 1, ‘Faith is the substance of things hoped for— the evidence of things
not seen.’ Faith is the thing that makes reality of what a man hopes for.
I had faith that the country and cities in our industry would right them
selves—and they are doing it every day.”
The manufacturer gazed out of the window a moment and then said:
“ Our difficulties, like those of other great plants, were a heritage of the
war. War is not only damnable for the lives it costs, but also for its after
effects on society, on civilization. Every form of human activity is stimu
lated artificially.
“ Drink makes a man’s senses keener ; he sees, hears and feels things that
are not real, but abnormal. He bases his actions on his thoughts, ideas and
impulses that are not sound. That’s just what war does to business and
industry. The banker, suddenly handling millions where he handled but
thousands, becomes loose, and takes chances which formerly he would have
thought unsound. The manufacturer, faced by ever-rising costs of mate
rials, comes to take little heed to expense and seeks only to make his prices
higher and higher to make profits over costs. Labor, getting unprecedented
wages, instead of increasing effort and production, reduces it, trying to get
still higher wages. War by its unwholesome stimulation undermines every
thing.
“ Our organization suffered along with the rest. We took a lot of war
work— eagle boats, motors, helmets, tanks and other things. This opened
up holes in our organization. We needed help in office and shop. Yet in
employing we could not be as discriminating as we had been in peace times.
An immensely increased overhead expense was built up ; stressed conditions
seemed to compel it. In peace times it would be a dead weight, utterly
useless. Consequently, with the war over, we knew that as the country set
tled back to peace conditions some stern readjustments would be necessary.
It must come and we were on the lookout for its beginning.
Slackening of Demand.
“ The first indications came early in 1920— here and there a business or
manufacturing failure. They were chiefly concerns manufacturing luxuries
or stape commodities that had organized during the war and had not yet
got a footing. People were ceasing to buy. Firms of this character were
first to go to the wall.
“ Soon failures became more general. That meant something to us. It
raised a question— when will the country curtail or cease buying staple
commodities? When will they cease buying Ford cars?
“ We did not have long to wait. By June sales were falling off at a great
rate. Everything began to slow down. Yet in the face of that, do you
think the .suppliers of raw materials would cut their price or that labor
would give more for unparalleled wages? Not for a second. Material men
demanded more and labor seemed to give less and less. Cost of manufac
turing went soaring.
“ It was up to us to do something. So, in September, we cut the price
of the car. On the face of things the cut was not justified. We still had
large supplies of stock bought at high prices. The cut brought the price
below the cost of manufacture. All over the country we were condemned.
Other manufacturers said we were crazy. But the whole country was on an

483

inflated, distorted basis, and we felt that if we cut the price of the car we
could demand that material suppliers cut their prices to us. That would
tend to stop the price-raising orgy, other prices would slump off and the
readjustment would come with a minimum di'comfort to everybody.
“ To an extent the cut brought the desired result. Sales took a bound.
A few other manufacturers cut. lint soon sales fell off again, and, as a
whole, the artificial conditions continued. We soon saw that more drastic
treatment was needed.
“ We made up our minds that our next step toward lowering prices must
be more powerful and decisive. During the fall one plant after another the
country over had been closing down, and as winter set in cessation of in
dustry became general. But we kept rigid; on, full tilt. Sales did not
justify our large production, but we kept on making 90,000 to 100,000 cars
a month because, when the halt came, we wished to have as much as possi
ble of our stock manufactured into cars. We wanted the next bump, when
it came, to be one that no one selling us supplies could fail to understand.
“ Now, to see what happened, you must understand that our company
buys in tremendous quantities. Right now we are buying $50,000,000 worth
of materials a month. There are hundreds of concerns from which we take
the major part of their output. Back of them are other firms, who sell the
greater part of their output to the suppliers from whom we buy. So when
we pull the switches in the Ford plant and stop our machinery, the same
tiling happens in thousands of smaller plants the country over.
It’s just like when you stand dominoes close together in a row— if you
knock over the first one, the whole line falls. As long as we kept on buy
ing these plants would continue to hold prices up. Some of them did cut,
but on the part of most of them, we felt, it was only a bluff to make it
appear that they had reached the new low basic price for peace times.
“ We saw that if the lowering process was to be hastened at all we must
do something drastic. So, late in December, we closed down, resolved not to
resume production until we could buy materials at peaoe-time prices, arid
in the meantime to have a thorough house-cleaning. We thought it would
require but two weeks; a? it turned out, it required six,
The Financial Problem.
“ Now, all this time a financial problem had been developing. Back in
1919 we had borrowed $70,000,000 on notes with which to buy out all other
interests. Of this we had paid back $37,000,000, leaving $33,000,000 still
to pay and falling due April 18. Then, because of adjustments pending,
we still had the final instalment of the 1920 Federal income tax to pay,
which, with the instalment due April 15, made $18,000,000 due the Gov
ernment. Also, we intended to pay our men their usual bonus on last year’s
work, which would amount to $7,000,000 more. So all in all, between Jan.
1 and April 18 we had to meet obligations totaling $58,000,000.
“ What did we have to meet this?” asked the manufacturer of himself,
as he sat up and leaned forward, his eyes atwinkle.
“ At the time,” he went on, “ we had only $20,000,000 in cash. That, I
think, is where the Wall Street bankers went wrong— they couldn’t see
where we could get $40,000,000 more to meet our obligations. It was their
best bet that we could not. They didn’t know our men here or the spirit
behind our organization” — and the motor manufacturer’s face overspread
with a smile. Faith and pride in his organization is one of Henry Ford’s
most oustanding characteristics.
“ Wall Street was all stirred up over the misinformation that we had to
make a loan,” Mr. Ford continued. “ The fact was, we didn’t need a nickel.
That’s where the faith comes in. Spread over the country we had immense
quantities of raw materials, parts and finished cars and I had faith. I
knew that our organization would turn them into more than enongh cash
to meet our needs.”
“ I’ ll show you what we did,” said Mr. Ford, turning to the desk and
pushing across pencil and paper. “ Put down ‘Cash on hand $20,000,000.’
“ We wished as usual to pay a bonus to our men on last year’s work.
This would take approximately $7,000,000, which we wished to pay as soon
after Jan. 1 as clerks could make out the checks. That was our only im
mediate outlay—we had almost enough cash to pay it three times over.
Selling Cars and Stock.
“ Then we turned our attention to liquidation. When we closed down we
had on hand approximately 93,000 finished cars. At Highland Park we had
been shipping out cars and parts to dealers and branches as fast as they
were finished. This plant was cleared of materials. Every department
closed down.
“ But we have thirty-five branches scattered over the country, at twentytwo of which we both manufacture parts and assemble. At these the manu
facturing of parts stopped, but the assembling of finished parts went on,
adding week after week through January to our finished cars. That was
why during January there was a Ford car famine in Detroit, and to fill local
orders we were driving cars here from Chicago and Columbus, Ohio.
“ Our first move was to sell some of our cars on hand. In our contracts
with dealers they agreed to take a certain quota each year, each according
to his district. We shipped to each dealer enough cars to take care of ap
proximately twenty-five days’ sales. During January we sold nearly 60,000
cars, which showed us what we could do when we tried, and from then on
sales steadily mounted above production. Assembling went on at all the
branches, and on Jan. 23 we reopened the Highland Park plant and began
building up production there. But still sales kept ahead of production.
Between Jan. 1 apd April 1 we turned $24,700,000 worth of stock into cash
— put that down.
“ Then we looked over our foreign accounts and found our agents at for
eign ports owed us $3,000,000, which we collected. We had also sold by
products, for which we had accounts receivable of $3,700,000 more, which
we got in. Put down those two items. On top of that we sold $7,900,000
worth of Liberty bonds.
“ If you total those, you’ll find they come to $59,300,000, more than
enough to meet our impending obligations. [In this total, Mr. Ford in
cluded, of course, the $20,000,000 cash on hand Jan. 1.] But we did not
stop there. The war had led us into many extravagances of administration
and accounting. We went through the plant, offices and shops, and made
economies which I’ll detail later, eliminating everything non-productive.
“ Then we had acquired the Detroit, Toledo & Ironton Railroad. We saw
possibilities of reducing the vast amount which we had formerly kept tied
up invested in goods in transit. We found ways to cut the time our goods
are in transit. By that one move we released $28,000,000, took it from
funds invested in stock in transit and put it to other uses. Thus, when
April 1 came around, we had $87,300,000 to meet $58,000,000 in obliga
tions. We paid them all weeks in advance.” Mr. Ford leaned back in his
chair and-laughed.
Introduction of Economies.
“ And all the while,” he said, “ these New York bankers were fussing
around here trying to get us to take a loan.”
“ But how could you create such immense sums of ready cash by mere
economies?” I asked.

484

THE CHRONICLE

[V ol. 113.

“ Mere economies,’ ' Mr. Ford repeated, with emphasis on the “ mere.”
ment of any sort about their negotiations with the manufacturer. They
“ There's nothing mere about our economies ; they’re the big thing. Take take the position that it would be extremely bad faith as well as bad taste
that item of $28,000,000 released from investnuiet in goods in transit. We for them to make any statement about conversations or negotiations which
were able to do things by a combination of two things. By using our rail have been held in their official capacity as bankers with Mr. Ford.
road we were able to speed up movement of raw materials to the factory,
Bower Tells of Visit.
movement of finished cars from the factory to the dealers, better methods
One man who went to Detroit early in the year and who was and is a close
in the factory cut the time needed to manufacture the material into ma
personal friend of Mr. Ford said he did not propose to be drawn into a
chines, 1hen we stopped carrying immense reserve supplies of raw ma
terials. The first economy made the second possible. Here's the way it controversy, that the relations between himself and Mr. Ford and the rela
tions between his bank and Mi. Ford were pleasant and that it was his
worked out i
“ Before we got control of the I). T. & 1. it required an average of 22 intention to keep them thus.
in his account of the “ foiling of Wall Street” by Henry Ford, written by
days to haul raw material to the factories, make it into cars and get them
James Sweinhart and published in the New York “ Times” yesterday, Mr.
to tire dealers. We had to buy three weeks in advance of need, with no
way of knowing future conditions. We had to keep immense reserves on Sweinhart told of a “ former Detroit banker, now connected with one of the
hand. The money tied up in these and the goods moving stood continu biggest banks on Broadway,” who, according to Mr. Ford, visited the auto
mobile manufacturer in his Dearborn home last January and proffered him
ously at about $88 ,000 ,000 .
“ But the early months of 1921 brought great changes. General cessation a'Wall Street loan. According to Mr. Sweinhart’s interview with Mr. Ford,
the banker got as far as proposing that Wall Street should have some saj'
of industry made materials and cars in which to carry them plentiful.
Then the D. T. & I. is really one great terminal- it crosses every transcon in the selection of a new treasurer of the Ford Motor Company when Ford
tinental line in the country. When stock consigned to us reaches the D. T. handed the banker his hat and ordered him from the house.
Joseph A. Bovver, President of the Liberty Bank of New York, was
x 1. it can be speeded along to it* destination. Parts of cars, outbound,
can be made into through trains and thus the running time to destination asked it his Montclair home last night whether he was the banker referred
to. Mr. Bower is a former Detroit banker and the description seemed to
be greatly reduced.
fit him.
Antiquated Red Tape on I). T. d / . RR.
“ 1 never had any such experience with Mr. Ford,” Mr. Bower asserted.“ Then in the offices of the l). T. &
l I they did away with a deal of anti
“ It is true I was in Detroit last January and that I called on Henry Ford
quated railroad red tape. Whole systems of useless accounting were abol and had a discussion of financial matters. I received the most courteous
ished
offices fhemsel eg have been
! to Detroit and tin road treatment, such as is usually accorded to bankers. I have known Mr. Ford
! 11 luced ihe for twenty years and I never received anything but courteous treatment
time of our movement of stock from the suppliers of raw materials through from him.”
the factory and the cars into the hands of the dealers from 22 to 14 days,
Unable to Identify Banker.
and that isn’t the end— we’ll cut it still more.
Air. Bower said he had heard rumors of such an incident as was described
“ Where, before, we had $88,000,000 tied up in moving and reserve stocks
required to make 93,000 cars a month, now we handle the stock required by Mr. Ford in the interview, but he had no idea as to the identity of the
to make 114,210 cars a month for less than $00,000,000. Thus $28,000,- banker alleged to have been expelled from Mr. Ford’s house and never had
000 goes into cash account, to be used for other purposes—as paying debts, received any corroboration of the incident actually having happened.
The recovery of the Ford Motor Company from the depression of the
for example,” and Mr. Ford's intense expression gave place to smiles.
early year and its remarkable assembling of cash without a loan to meet
Closer Watch on Stock Buying.
its obligations is considered by bankers familiar with Mr. Ford's business
“ But there is another angle to that,” he continued. “ Able to get stock so to be one of the most remarkable recoveries in modern business. None of
much more rapidly, we do not have to keep so much on hand. Operating them had ever talked for publication in connection with the Ford finan
on a narrow margin, we have to keep very close account of stock, and, to cing, but privately they did not hesitate to express the opinion that their
meet this need, we have completely changed our system of purchasing and proffer of aid, under the terms of their own making, of course, placed
accounting. Formerly we bought in vast bulk lots, using up stock as we Mr. Ford on his mettle and added to his determination to pull through the
needed it. But that would not do under our changed conditions. We have year without the aid of Wall Street, for which he has evidenced dislike and
distrust.
worked out a new system, which I believe is not duplicated anywhere.
Outside of his recital of facts and figures in liquidating his inventory of
“ There are 8,000 parts to the Ford car. Each one of those parts is given
a number symbol. Once each month we make a schedule of the exact num raw material and finished product, there is considerable unwritten history
ber of cars we will make the next month. Then we figure out the exact of Air. Ford’s financial activities in 1921 of which Wall Street is aware and
amount of stock needed to make just the number of parts to fill that sched which is now being passed around as gossip in the financial district. Henry
ule, and buy that amount of stock and no more. We are following my Ford, bankers say, in retailing and amplifying the history of his recovery
without a loan, said that he turned the financial corner by transferring the
father’s advice and not loading up with things we don’ t need.
*
“ Office and shops also come in for a house-cleaning. We went through load to other shoulders.
the offices and cut out hundreds of jobs created during the handling of war
The Situation Six Months Ago.
work. We literally took out a trainload of desks and furniture and sold
Little more than six months ago the Ford Alotor Company had all but
them. We told the men that occupied those desks that back in the shops
were plenty of good jobs at good pay— if they wanted to take them. Most completed arrangements for borrowing $75,000,000, in the face of what
appeared to be desperate necessity. His plants were closed ; there was lit
of them did.
“ We cut the office forces from 1,074 to 528 persons. Telephone exten tle demands for cars of any kind. Mr. Ford owed the Government $55,sions were cut about 60%. Interesting and useless systems of statistics 000,000 for taxes; notes for nearly $30,000,000, originally issued to buy
out his minority partners were due within a few weeks. Unsold cars were
were abolished, as well as the forms made necessary by them.
“ We went through the shops in the same way. During the war produc piled high in the factory and choking sales rooms over the country.
It was at this period that the bankers of Wall Street proffered aid. For
tion we had a foreman for about every three to five men. Too many fore
men sat at desks all day long looking on. We have sold all the desks, and whether they admit it or not the financing of the Ford enterprises is a lu
most of the former foremen are now at machines. We now have a foreman crative piece of business that all of them would like to have the oppor
to about every twenty men. Everything and everybody that were not pro tunity to handle. There is a difference of opinion whether Air. Ford in
ducing were put in a position where they could produce or were eliminated. vited them to Detroit or whether they went on their own responsibility.
“ A comparison of our operating costs before and after the house-cleaning On only a single occasion has Air. Ford transacted business with banks
is really a startling lesson in what manufacturers can do if they look sharp identified with Wall Street. This was when he bought the minority in
to economy. Big plant or little plant— the same thing can be done and the terests and the last of the notes given to raise the cash for this purpose were
same methods will win every time. Back in November, 1920, before the paid off late in 1920.
The offer of aid to Air. Ford was not flatly rejected until he learned the
house-cleaning, our daily expense for labor and commercial overhead
charges, cost of materials not included, averaged $465,200 to get out an conditions. These, it is reported, including a banking supervision of the
average of 3,146 cars a day, or $146 a car. Look what we do in June, expenditures. This evidently was the stumbling block in the negotiations.
1921— $412,500 a day to produce an average of 4,392 cars a day, or $93 a The emissary returned to New York from his unfruitful Detroit trip and
car. What do you mean by talking about ‘mere economy’ ?” and the Air. Ford immediately started activities which have earned for him the
applause of the banking world.
manufacturer beamed all over.
“ And the men helped a whole lot,” said Mr. Ford. “ They respond to
Ford Applies the Remedy.
right treatment. We used to have to employ fifteen men per car per day.
Now it requires but nine. Look at the saving on the payroll.”
Air. Ford did not borrow a dollar from the banks. To-day his sales ap
The motor man again gazed out the window at the procession of agricul proach the largest figure in the history of his company. The corner was
tural implements and across the pond beyond. If he had any worries his turned, according to bankers, by transferring the burden. Marvelously
face didn’t show it.
recuperative markets completed the success. Ford pushed his 125,000 sur
“ How about the future?” I asked.
plus automobiles up the hill, off his inventory account and into the hands
“ It locks to me,” he said, “ that we’re at the beginning of a long period of 17,000 dealers. He shipped automobiles right and left all over the
of prosperity.”
world to willing and unwilling consignees and drew against them. The
tide of cash returned $69,000,000 before April 1.
Air. Ford came East and found some $91,000,000 in “ frozen” cars and
OOMM END A T I ON BY BA NK ERS OF E F F O R T S OF
parts in the New York, Philadelphia and Boston districts. Changes in
H EN R Y FORD.
personnel followed and others were threatened. The cars began to move
The efforts whereby Henry Ford succeeded in raising out.
The case was reported of an Indiana dealer who had a floor full of
without outside assistance the money to meet maturing ob
Fords. His consternation was great when a trainload of cars, unordered,
ligations of $58,000,000 (details of which are given in the rolled into the city. His business future was at stake. He must, and did
preceding article) are accorded unstinted praise by local accept the draft. A former disgruntled Ford dealer with superior resources
bankers. The New York ‘‘Times*' of July 24, in indicating bought the trainload and startled the countryside by advertising a bargain
sale of Ford cars.
what they have had to say in commendation, printed the
In other cities and towns the dealers went to their banks and borrowed
on the cars. Shipments averaged about one-tenth of a year’s business.
follow ing:
Bankers of Wall Street who early in the year sent the offer of financial The unloading plan was a success, because it was economically sound.
aid to Henry Ford in Detroit, only to have it refused, said yesterday that Agents were bluntly told that they were indebted to the Ford Company
Air. Ford, through financial ability, through forced liquidation and through and that to prosper in the future they must assist now. Those who rebelled
pressure on his agents to absorb the output of his factory had performed a were removed. Those who accepted are to-day the strongest proponents
feat that probably would go down in the annals of financial history as one of the Ford method.
The Situation. To-day.
of the most remarkable achievements of post-war liquidation.
Then Mr. Ford cut prices.
They do not doubt, they say, any of the statements of his past and pres
Almost overnight the public began buying Ford cars. Opening the year
ent financial conditions as outlined by Air. Ford in his interview. And
they say that the Ford Motor Company evidently has turned the corner of with 125,000 surplus ears, Air. Ford produced 3,000 machines in January
liquidation and depression in excellent shape. Instead of one huge financial and hoLI 57,000. In February he produced 85,000 and sold 68,000, In
operation, Mr. Ford succeeded in getting his dealers to finance his require March he produced 60,000 and sold 87,000, In April he produced 90,000
ments, each dealer in his own territory.
and sold 100,000, His May figure for production was 111,000 ears, his
The bankers who sent an emissary to see Mr. Ford in January and who June figure 1 1 0 ,000 , and in July, it is Air. Ford's boast, that he is turning
offered him financial aid again yesterday declined to .make a public state out 4,000 cars a day and selling every cal'.

rhe

J u l y :J0 1 9 2 1 . |

485

THE CHRONICLE

By the end of April inventories of the corporation hud been reduced
from $105,000,000 to $03,800,000. He hud been Manufacturing bin in
ventory, including spare parts, into finished car shipments to dealers,
which went out with drafts attached. Since April a further remarkable
spurt in business has taken place.
The corporation’s cash the first of June was around $30,000,000, and
there were not outstanding obligations except Current merchandise accept
ances. The measure of sales since that time and now is factory capacity
and not merchandising efforts. Mr. Ford’s net profit before taxes are now
understood to be at the rate of approximately $20,000,000, or about $100
profit per car.
His only financial problem appears at the momnet to be to retain snff'i
cient cash under his expansion program to pay Federal taxes.
The Ford recovery was probably the most inspiring event possible to the
motor industry. lie was the first to cut prices. And his second reduction
is of recent date. Had Mr. Ford been able to obtain Wall Street accom
modation of $75,000,000 without restriction, extravagances might have
continued. Angered at bankers’ dictation on one hand and advised by
banker friends on the other, he decided to go it alone.
Working Force Reduced.
To make the hill he had to economize. He went over his entire organi
zation with a fine tooth comb. Where he formerly employed 60,000 men
to produce an average of 4,000 cars daily, he now obtains an output of
the same volume with 45,000 men. The $0 minimum has been retained,
but foremen have been put to work, tasks doubled up and adjustments
averaging 20% to 25% reduction made in wages.
One of the bankers who tried to “ sell” Mr. Ford the new financing plan
said that in his opinion the best thing that could have happened to the
Ford Motor Car Company was for Mr. Ford to flare up at the bankers who
tried to help him and, buckling up his belt, decide to go it alone.
“ Henry Ford is an absolute genius at organization and efficiency,” said
this banker, who has spent many days at Mr. Ford’s home and plant as his
guest. “ In this instance he has set an example to the business world.
Mark my words, Mr. Ford will take the little railroad he has purchased,
throw out all of the antiquated systems now in use on this, as well as on
other railroads in the country, and give railroad executives within the
next year an example of efficiency and economy which will make them
fairly grasp for breath.”

F R U I T G R O W E R S IN M IC H I G A N REQUEST P R E S I 
D E N T H A R D I N G TO TURN R A I L R O A D S OVER
TO H E N R Y FORD.

According to press dispatches from Hart, Mich., July 23,
a petition to President Harding asking that the railroads
of the country be turned over to Henry Ford, the automobile
manufacturer, for operation, was signed by 400 fruit grow
ers of Oceana County, and mailed to Washington on that
date. The dispatch said :
The fruit growers, who allege in the petition that present freight rates
are taking most of the profits on their crops, pointed out that Mr. Ford
recently reduced freight rates on his railroad, the Detroit, Toledo & Ironton.

F O U R S P R O F I T S — TH E M A R G I N PE R CAR.

The Philadelphia News Bureau, in discussing this mat
ter in its issue o f July 27, says:
In considering how Ford extricated himself from his financial difficul
ties the profit on his product must not be overlooked. Cost of factory pro
duction including commercial overhead is now $93 a car. Materials are
understood not to exceed $50 a car. Ford purchases are now around $50,000,000 monthly for a production in excess of 100,000 cars.
This would give a total ccst of $143. From the lowest selling price for
a touring car— $415— must be deducted 17% % , or $73, for agents’ com
mission, leaving an estimated net of $199. E. G. Pipp, former editor of
Ford’s “ Dearborn Independent,” recently estimated profits per car at $189.
It is probable that, excluding overhead, the actual bench cost of a Ford
car is around $100. Only 9 men a day are required to produce a Ford.
Ford’s daily receipts are in excess of $2,000,000 and his cash balance is
$80,000,000.
Many Production Economies.
The lowest previous cost of a Ford was in 1917 when the touring car
sold for $360. Total co t then is understood to have been $291, leaving a
net of $79. Reduction in overhead, cut in inventories rid production econ
omies are credited with the difference.
Ford’s method of handling materials admirably illustrates the extent to
which he has cut down demands on working capital.
To simplify accounting, Ford recently announced that bills would not
fall due until the 20th of the following month. Example— Ford can order
a train load of steel to be delivered the first of July. Under present mar
ket and transportation conditions this steel can be worked up into cars
and the automobiles placed in dealers’ hands within 14 days after shipment
is made. Thus by the 15th of July the Fords have received cash for cars
containing this entire steel consignment. They then have the use of the
money until August 20.

M E X I C A N O I L - N E W EX PO RT T A X S T I L L S T A N D S —
V A L U A T IO N S E S T A B L IS H E D THEREW ITH.
While a compromise between President Obregon and the
American Oil Companies is suggested as the most likely way
out of the Mexican oil deadlock, the outstanding fact of
the week is the emphatic denial on July 20 by G uy Stevens,
Director of the Association of Producers of Petroleum in
Mexico of a statement from Mexico City that the oil ship
ments, which were suspended July 1 would be resumed
Aug. 1. M r. Stevens says: “ The taxes in many instances
are confiscatory and make it impossible for the companies
operating in Mexico to export the oil except at a loss.”
(Compare “ Chronicle” of July 9, p. 146).
Respecting statements said 1o emanate from the financial
agency of the Mexican Government to the effect that since
July I over 125 wells have been drilling and that during the

present month the export of oil by the European and inde
pendent companies has been greater than in June, the
Association of Producers of Petroleum in Mexico, through
Mr. Stevens, issued a statement July 28 , saying in iibstanee:
Reports showed that during Juno approximately 100 well were being
drilled. Actual drilling haw commenced at a few location;; during the
present month
Hut In all those canon arrangements, had been made
some time before.
The statement an to “ the exportation o f oil during July on the part of
the European and Independent companion” In entirely contrary to the fact*
The leading European companion referred to are, o f cour <•, the Agullla
[Eagle! and the Corona. Th e "Independent companion" probably means
such companies as the Atlantic Gulf OiJ Go., Island Oil A, Tram.port C or
poration, the Texan Company, &e. Th e actual figures will furnish the
simplest and most conclusive answer to this portion o f the statement. The
following shows the average monthly shipments o f each company during
the first six months o f this year and the indicated shipments o f each during
p io present month, based on its actual shipments to date-:

Barrels—

Afjuilia. Corona. Ail.Calf. Island. Texas Co.

Av.monthly for first 0 inos.2,200,000 540,000 1,250,000 915,000 1,100.000
Indicated for July.
___ 750,000 165,000
215,000 175,000
None

Exports of oil from the Tampico district for the month
of June aggregated 17,591,97) barrels, being an increase of
3 ,5 2 5,927 over M a y . The exports for the first two weeks
of July, including amounts necessary to fill outstanding
contracts, are reported as only 1,700,000 bid. The shut
down therefore appears to have been remarkably complete.
Rumors of an impending falling off in the natural output
of Mexican oil are discredited, both by William Francis
Wilson, geologist for the Compania de Petroleo Caltex and
by United States Consul Ferris as well as by executive officers
of leading oil companies in Mexico.
[Compare pages 9 and
11, respectively, of the Petroleum Section of the “ Oil, Paint
& Drug Reporter” of N . Y . for July 18 and 25].
A small revolt headed by General M artinez Herrera,
which began in the Tampico oil district on July 13, collapsed
July 17. Mexican papers have accused American oil men of
instigating the trouble.
The Chamber of Deputies at Mexico City on July 27, voted down the
request by President Obregon that he be granted extraordinary powers,
to adjust Article 27 of the Constitution, which has to do with foreign
property rights in oil deposits. The Senate almost simultaneously voted
to accede to the request.

M r. Stevens, as director of the Association of Producers of
Petroleum in M exico, has received advices of the valuations
just established by the Mexican Government as a basis for
the export taxes under President Obregon’s decree of M a y 24
1921, which by its terms became effective July 1, and there
fore applies to shipments of petroleum and petroleum producsts from Mexico during the present m onth. The facts,
as reported by M r . Stevens follow:
The Mexican law on the subject says:— Art. 5. To determine the value on
which the tax on crude and fuel oil. gasoline and kerosene will be imposed the
Department of Finance will take the average of the values for similar prod
ucts prevailing in the United States of the North during the previous month„
issuing a tariff to that effect on the first fortnight of each month.
Valuations Estimated Under Decree of May 24, Effective July 1.
The valuations established are as follows:
Heavy crude, 11.08 pesos per cubic meter, or 1,762 pesos (approximately
equivalent to 88 cents United States money) per barrel.
Light crude, 16.36 pesos per cubic meter, or 2.60 pesos (approximately
equivalent to $1 30 United States money) per barrel.
Fuel oil, 14.60 pesos per cubic meter, or 2.32 pesos (approximately
equivalent to $1 16 United States money) per barrel.
Gasoline, 11 centavos per liter, or 41.6 centavos (approximately equiva
lent to 20.8 cents United States money) per gallon.
Kerosene, 3.2 centavos per liter, or 12 centavos (approximately equiva
lent to 6 cents United States money) per gallon.
The taxes on the principal products under the decree of May 24 1921,
and on the basis of these valuations with the so-called falsificable tax of
10 % added, are approximately as follows:
Heavy crude, 9.7 cents United States currency per barrel; light crude,
14.9 cents United States currency, per barrel; heavy fuel, 8.6 cents United
States currency per barrel; light fuel, 11.5 cents United States, currency
per barrel; gasoline, refined, 2-3cent United States currency per gallon;
gasoline, crude, 1 1-3 cent United States currency per gallon.
New Export Tax Under Decree Dated June 7.
In addition to the export taxes under the decree of May 24, President
Obregon has established an entirely new and additional export tax under a
decree dated June 7 1921. The taxes under this latest decree are specific
and add from 100 to 200% to the taxes under the decree of May 24. In
other words, the taxes under the valuations just issued by the Mexican
Government are bases for the ad valorem, export taxes only, and represent
only one-third to one-half of the total export taxes (ad valorem and specific)
under the two decrees of President Obregon which became effective the first
of this month. The combined ad valorem and specific export taxes on the
principal products, with the 10% additional “ infalsifieable" tax added, are
approximately as follows, expressed in United States currency, per barrel:—
Heavy crude, 2334c.* light crude, 36%c.; heavy fuel, 26c.; light fuel, 29c.;
gasoline (refined), 1 2-3c. per gallon- gasoline (crude), 3 l-3c. per gallon.
In some cases these taxes amount to considerably more than the present
prices of the oil at the well and slightly more than the current price at the
Mexican ports, Which, of course, includes not only the value at the well,
but also the cost of pipeline transportation from, the field to the sea-loading
stations. Compare “ Chronicle" V. 113, p. 116 and “ Petroleum Section”
of “ Oil Paint & Drug Reporter" for July 25, p. 9.

H E N R Y FORD'S OFFER TO B U Y G O V E R N M E N T
N I T R A T E P L A N T A T M U S C L E SHO ALS .
A proposal to buy from the Federal Government the pi
rate plant set up at Muscle Shoals, A la ., made by Henry

4 80

Til E CHRONICLE

Ford, Wiil-kuown automobile manufacturer of Detroit,
M ic h ., is apparently unsatisfactory.
The Government
already lias spei it $80,000,000 on this great uncompleted
p r o je c t , it is said, and the proposal of M r. Ford grew out of
representations by various interested bodies that steps
should be taken to prevent the disintegration of the nitrate
plant a n d the loss of improvements to transportation on the
Tennessee Itiver.
In indicating on July 25 that the Ford offer was unsatis
factory, Secretary of War Weeks pointed out that it contained
certain stipulations that the Government could not meet,
citing the first paragraph of tin proposal which called upon
tin* Government to guarantee the generation of at least 6 00,0 0 0 horsepower at the plant.
‘The Government,
Secretary Weeks said, “ cannot
guarantee any amount of horsepower, for that depends upon
the state of ihe Tennessee River, the stage of which changes
from time to tim e.”
Secretary Weeks said some army experts on water power
have already gone over the proposal and have advised him
variously on the advantages and disadvantages, from the
standpoint of the Government. Some officers, he said, had
recommended complete rejection of the contract, while
others suggested modifications. The Ford proposal also
is being gone over by experts in the Treasury Department and
b y employees of the Department of the Interior, it is said,
with a view to co-operating with the W ar Department officers
in compiling a joint recommendation to Secretaries Weeks,
M ellon and Hoover to guide them in their negotiations with
M r . Ford.
The text of Henry Ford’s offer for the Muscle Shoals
property, in the form of a letter to the Chief of Engineers,
follows:
Dearborn, Mich., July 8 1921.
General Lansing H. Beach, Chief of Engineers, XJ. S. A ., Washington, D. C.
Sir:— In response to your advice that the Government invites an offer for
the power at the Muscle Shoals Wilson Dam on my part, or on the part of a
company to bo formed by me (and throughout this proposal to be called the
company). 1 hereby and through you place at the disposal of the President,
the Secretary of War and Congress the following tender*
1. If the United States will promptly resume construction work on the
Wilson Dam and as speedily as possible complete the construction of the
dam, and progressively install hydro-electric facilities and equipment for
generating 600,000 horse power, then the company will agree to lease from
the United States the Wilson Dam, its power house and all of its hydro
electric and operating appurtenances, together with all lands and buildings
owned by the United States, connected with and adjacent to either end of
the Wilson Dam for a period of 100 years from the date of the completion of
the dam and its power house facilities; and the company will pay to the
United States 6% on the remaining costs of the locks, the dam and power
house facilities, taken at 820,000,000. in payments of 81,200,000 annually,
except that during the first six years of the lease period payments shall
begin and be made annually as follows:
Two hundred thousand dollars one year from the date when 100,000 horse
powers is generated and continuously ready for service, and thereafter
8200,000 annually at the end of each year for five years. After the first
six years payment at 81,200,000 shall be made annually at the end of each
calendar year during the lease period.
2. At the beginning of the seventh year lease period, and annually there
after, the company will pay to the United States a sum not greater than $39,o37 to retire, during the remaining period of ninety-four years, the total
cost of the Wilson Dam and its power house, substructures, superstructures,
xnachinery and appliances, including locks, all taken at $40,000,000; the
sinking fund investments to bear the highest rate of interest obtainable, but
snot less than 4% , per annum.
3. The company will further agree to pay to the United States $35,000
'annually for repairs, maintenance and operation of the dam, gates and locks
at the Wilson dam, all repairs, maintenance and operation of the same to be
under the direction, care and responsibility of the United States during the
100-year period.
4. The company will furnish the United States free of charge, delivered
at a point on the lock grounds, designated by the chief engineers, electric
power not to exceed 200 horsepower for the operating of the lockvS.
5. If the United States shall accept the above proposal for leasing the
Wilson dam and its power installation, then as a condition of acceptance the
company will ask that immediately upon release of suitable construction
equipment and facilities at the Wilson dam, and upon the release of labor
forces, the United States will forthwith proceed to construct and fully com
plete with reasonable promptness dam No. 3, as designed and proposed by
the United States engineers, the power installation at dam No. 3 to be taken
in this proposal at 250,000 horsepower.
6 . When the lock, dam and power house installations at Dam 3 are com
pleted the company offers to lease Darn 3, its power house and all of its
hydro-electric and operating appurtenances, for a period of 100 years from
the date of completion of the dam and its power house facilities, and the
company will pay to the United States 6% on the cost of the dam, lock and
power house facilities taken at a cost of $S,000,000, in payments of $480,000
annually, except that during the first three years of the lease period pay
ments shall begin and be made annually as follows: Sixty thousand dollars
one year from the date when 80,000 horse power is generated and contin
uously ready for service, and thereafter $160,000 annually at the end of
each year for two years. If, and when, after the first three years, the
entire power house generating equipment of 250,000 horse power is con
tinuously ready for service, payments of $480,000 shall be made annually
at the end of each calendar year during the remaining ninety-seven years of
the lease period.
7. At the beginning of the fourth year of the lease period, and annually
thereafter, the company will pay to the United States a sum not greater
than $7,010, to retire during the remaining period of ninety-seven years
the total cost of Dam No. 3 and its power house, substructures, superstruc
tures, machinery and appliances, including lock, all taken at $8,000,000;
the sinking funds investment to bear the highest rate of interest obtainable,
bat not less than 4% per annum.

[ V ol.

113.

8 The company will further agree to x>ay to the United States $20,000
annually for repairs, maintenance and operation of dam, gates and lock at
Dam 3; all repairs, maintenance and operation of the same to be under the
direct care and responsibility of the United States during the 100-year
period.
9 The company will furnish the United States, free of charge, at Dam 3,
to be delivered at a point on the lock grounds designated by the chief of
engineers, electric power, not in excess of 160 horse power, for the operation
of the locks.
10.
If tiie United States shall accept the above several proposals in their
entirety, then the company offers to purchase from the United States the
following properties, viz.:
A. All of the property of Nitrate Plant No. 2 and its adjacent stream
power plant, Land, buildings, material, machinery, fixtures, equipment,
apparatus, appurtenances, tools, supplies, and the right, license and priv
ilege to use any and all of the patents, processes, methods and designs which
have been acquired by the United States (and which the United States
has a right to transfer and assign the use of to any purchaser of Nitrate
Plant No. 2) together witli the sulphuric acid units now in storage on the
premises.
B. All of the properties of the United States at nitrate plant No. 1, its
steam power plant, land, buildings, material, machinery, fixtures, equip
ment, apparatus, appurtenances, tools, supplies and the right, liconse and
privilege to use any and all of the patents, processes, methods and designs
appertaining to said nitrate plant No. 1 which have been acquired by the
United States; but nitrate plant No. 1 shall not be operated as an air nitro
gen fixation plant as designed to be.
C.
—All of the property at the quarry of the United States known as the
Waco Quarry, including all material, buildings, quarries, tracks, machinery,
railroad tracks, tools and othor equipment.
1).—Also the steam plant built and owned by the Government at Gorgas,
Ala., on the Warrior River, including material, buildings, machinery,
fixtures, apparatus, appurtenances, tools, supplies and transmission linen
from the Gorgas steam plant to Nitrate Plant No. 2 at Muscle Shoals; the
United States to acquire title to the right of way lands necessary along the
transmission line, and also to acquire the title to the land site occupied by
the steam plant and by all Government buildings and other structures at
the Gorgas steam plant.
For the foregoing plants and othor properties as set forth and described
above under A, B, C, D, the company offers to pay the United States
$5,000,000, the terms of jjayment to be agreed upon between the Secretary
of War and the company, the Secretary of War having authority to dispose
of said plants and other properties as above enumerated.
11. At any time prior to the expiration of said lease period of 100 years
the company shall have the right to negotiate with the Government for a
renewal of the leases for the above dams, their power houses, &c. In the
event of disagreement as to terms of the renewal, the United States and the
company shall each appoint an arbitrator, and these arbitrators shall
choose a third. The decision of the board of three shall be final and binding
upon both parties.
12. If the United States agrees to sell and the company purchases these
several properties, nitrate plants, quarry, steam power plants, transmission
lines, &e., and at prices and on terms mutually satisfactory, the company
will operate nitrate plant No. 2 to approximate present capacity in the pro
duction of nitrogen and other fertilizer compounds, with the following special
objectives:
A.
—To determine by research on a commercial scale whether, by means
of electric furnace methods and industrial chemistry, there may bo pro
duced fertilizer compounds of higher grade and a cheaper price than the
fertilizer farmers have in the past been able to procure, and to determine
whether in a broad way the application of electricity and industrial chem
istry may do for the agricultural industry of the country what they have
economically accomplished for other industries.
B.
— To maintain nitrate plant No. 2 in a state of readiness to be promptly
operated in the manufacture of materials necessary in time of war for the
production of explosives.
13. If the above offers of the company are accepted by the United States,
and if the agreement between the Secretary of War and the company can
be made for the purchase of the above-described properties, it will naturally
and reasonably follow that the buyers of fertilizers will desire to be assured
that fertilizers produced at nitrate plant No. 2 shall be sold at fair prices
and without excessive profits.
14. To meet this reasonable expectation on the part of the farmers of the
country who buy fertilizer, the company proposes that the maximum net
profit which it shall make in the manufacture and sale of fertilizer products
at nitrate plant No. 2 shall not exceed 8% . The company also suggests
that a board be created, composed of officially designated members and
representatives of farmers’ national organizations, such as the American
Farm Bureau Federation, the National Grange and the Farmers Union,
together with a representative from the Bureau of Markets of the Agricult
ural Department (to be an officio member of this board, serving in an ad'^ isory capacity, without right to vote), and two representatives of the
company.
15. Whenever, in the event of war, the United States shall require an>
part of the operating facilities of nitrate plant No. 2 for the production of
materials necessary in the manufacture of explosives, then the United
States shall have the immediate right, upon notice to the company, to take
over and operate the same for the national defense of the country, and the
company will supply the United States with hydro-electric power necessary
for such operations, together with the use of all patented processes which the
United States may need in tune of war for munition purposes and which the
company owns and has the right to use, and any of the company’s personnel
and operating organization required in times of war for operating any part
of nitrate x>lant No. 2 in the manufacture of materials for explosives shall
be at the disposal of the United States.
Respectfully.
IIENRY FORD.

Commenting’ on the o f f e , Secretary of Commerce H oover,
on July 14, had this to say:
The acceptance of the offer is entirely for decision by Congress and that
body would no doubt be greatly guided by Secretary Week’s views in the
matter. Mr. Ford has made a genuine proposal. 1t shows courage to agree
to pay $5,000,000, to spend further sums upon large works, and besides to
make an annual obligation for about $1,500,000 for 100 years, and to agree
to maintain a nitrate plant in reserve for the Government for that period.
Whatever may be the result. Mr. Ford's offer does prove what the public
associations have contended—that the completion of the project has a com
mercial value.

In outlining M r. Ford’s offer, Washington dispatches of
July 14, said:
Mr. Ford submitted four proposals as follows:
First. lie will take a 100 years’ lease upon the Wilson Dam and No 3
Dam atul electric installation when completed. vThls work is estimated

J u ly 30 1921.]

THE CHRONICLE

487

body on July 26. The President says that “ quite apart
from the large sums owing to the Government which wo
are morally and legally bound to fund, tho Government
admittedly owes the railroad companies large hiubs on various
accounts, such as compensation, depreciation and mainten
a n c e." 11<i states that “ in order to expedite settlement and
funding an informal understanding * * * has been reached,
under which tho railway claims based on tho ‘inefficiency
of labor' are to be waived to hasten complete arid final
settlements, without surrender of any rights in court in case
there is failure to se ttle ."
He further announces that “ the
policy of the Railway Administration already has been
effective in finally settling the accounts of roads filing claims’
amounting to $225,568,76 4 , resulting in tho paym ent to
them of $ 6 8 ,1 4 1 ,2 2 0 ," There is, ho says, no thought to
ask Congress for additional funds. W h a t Congress is asked
to do is to extend the authority of the W ar Finance Corpora
J. II. Howard of the American Farm Bureau Federation,
tion so that it m ay purchase the railway funding securities
in commenting upon M r. Ford's offer, had the following to
which were accepted by the Director-General of Railroads.
say under date of July 18:
Henry Ford’s offer, made public through Secretary of Commerce Herbert The President states that “ no added expense, no added in
Hoover to operate on a long term lease nitrate plant for the manufacture of vestment is required on the part of the Government; there is
fertilizer provided the government will complete the construction of the no added liability, no added tax burd en."
It is, he con
Wilson Dam at Muscle Shoals, Alabama, is exceedingly interesting, par
ticularly in view of this stipulation that the fertilizer plant will be operated tinues, “ merely the grant of authority necessary to enable
at maximum capacity and on a basis of only 8% return to this company. a most useful and efficient Government agency to use its
That he is sincere in his offer is shown by the provision that an independent
available funds to purchase securities for which Congress
board embodying representatives of the American Farm Bureau Federation,
the National Grange and the Farmers’ Union certify to this maximum. already has authorized the issue, and turn them into the
Mr. Ford’s reputation and fairness in business is well known, and this adds channels of finance ready to float th e m ."
Perhaps $ 5 0 0 ,weight to his proposal.
000,000,
says
the
President,
will
be
needed.
The President
Organized agriculture is interested in any business like arrangement that
in
his
message
also
referred
to
the
“
promising
possibilities
will cause the dam to be completed and secure a cheaper supply of fertilizers
for farmers. M r. Ford’s offer sounds like business bub we will wish to of broadening the powers of the W a r Finance Corporation
study the details of his offer and to consider aU other propositions that may
for the further relief of agriculture and live-stock production,
be made to the Government before committing ourselves.
In April the Farm Bureau sent a special committee to Muscle Shoals to and says: “ This Corporation has proven itself so helpful
study the dam and nitrate plants first hand and their report has been in the relief thus far undertaken that I cannot help.but be
adopted by our Executive Committee. It recommends that the dam be
completed by the Government without delay, that the air fixation nitrate lieve that its broadened powers, as have been proposed, to
plants be placed under direction of a governmentally owned corporation meet agricultural needs, will enable it wholly to meet the
which may, in its discretion operate the plants or maintain them ready
nation-wide em ergency."
for operation, but with strict regulations relative to prices to be secured
The President submitted with his message a memorandum
for commodities in which the products of these plants are used. Copies
of the full report were sent several weeks ago to each member of Congress from Director-General of Railroads concerning the progress
requesting that action be taken quickly upon this important public utility of railroad liquidation, and this we give in another item ,
and the dam be comlpeted. Of course, it is up to the Congress as to what The following is the President's message to Congress:
*0 cost $28,000,000.

After a short preliminary period, Mr. Ford proposes
^ pay Interest at tho rate of 6% on the sum of $28,000,000 and to amortize
not only this sum but tho entire cost of both dams over a period of 100 years.
|USecond. To purchase all the nitrate plant and equipment, lands, steam
plant, &c., for $5,000,000.
Third. To convert and oporato the large nitrate plant (No. 2) for the pro
duction of fertilizer compounds and as a stand-by for Government explosives
in case of war, and to keep it up to date in both lines.
Fourth. To limit the profits of the fertilizer plant to 8% , an independent
board embodying representatives of the American Farm Bureau and the
National Grango and the Farmers’ Union to certify to this maximum.
The completion of these works makes the Tennessee navigable to Chatta
nooga, and there are undertakings by Mr, Ford for maintaining the locks,
&c. The power development will ultimately greatly exceed the require
ments of the fertilizer plant, and Mr. Ford proposes to use it in his own busi
ness. In order to meet the annual payments proposed, a very large use
of power must be made outside the fertilizer works.
Secretary Weeks has several times expressed his willingness to recommend
to Congress that appropriations necessary to complete the work at M uscle
Shoals be made, provided some substantial business concern would agree
to take over the project on such terms as would benefit the nation and the
Government.

disposition it will make of this business problem which is of concern to the
people in all parts of the nation.
The farmers are interested primarily in the Muscle shoals project as a
source of cheaper fertilizer, but they do not overlook its vast possibilities
in the development o f hydro-electric power for manufacturing purposes
and the fact that should we have another war it would place us in a more
independent position by making available nitrates for the manufacture of
munitions. Mr. Ford’s offer proposes to keep the nitrate plant in condition
so it may be quickly turned from fertilizer manufacture to the production of
explosives.
With the exception of Niagara Falls, the Wilson dam will generate more
hydro-electric power than any other dam, now in existence in America
supplying cheap electricity for a great expansion in industrial development.
It is ideally located near the purest deposits of lime, rock, coal and coke,
is easily accessible and the greatest deposits of raw phosphate rock in
America are near by for use in the electric furnaces, thus making available
phosphatic as well as nitratic fertilizers.
We hope Congress will take a lesson from the situation we found our
selves in at the opening of the war when we were practically dependent
upon Chili for nitrates. During 1918 alone we paid for Chilean nitrates
$85,000,000 and up to the end of 1919 we paid for their product, including
freight, insurance and ocher items, approximately $800,000,000. Not
only do we have to purchase the product abroad, but the farmers have to
dig down into their pockets for all or most of the export duty aof 6 to 7
million dollars levied annually by Chili. During the war, in 1918 and 1919
we greatly increased our imports for munitions manufacture, from $16
to $20 millions in duty.

To the Senate and House of Representatives:
It is necessary to call the attention of Congress to the obligations of the
Government to the railroads, and ask your co-operation in order to enable
the Government to discharge these obligations. There is nothing new
about them, but only recently has there come an understanding which
seems well to justify a sincere endeavor to effect an early settlement.
These obligations already have been recognized by the Congress, in the
passage of the Transportation Act restoring the railroads to their owners,
but previous recognition was made in the contract under which the rail
roads were operated by the Government for the period of the World War.
The contract covering operation provided that the railways should be
returned to their owners in as good condition as when taken over by the
Government, and the Transportation Act, recognizing that betterments
and additions belong to capital account, provided that such sums as the
railway companies owed the Government for betterments and new equip
ment, added during the period of Government operation, might be funded.
There has been, at no time, any question about the justice of funding such
indebtedness to the Government. Indeed, it has been in progress to a
measurable degree ever since the return of the railroads to their owners.
It has been limited, however, to such cases as those in which final settle
ments with the railway Administration have been effected. The process is
admittedly too slow to meet the difficult situation which the owners of the
railroads have been facing, and I believe it essential to restore railway
activities and essential to the country’s good fortune to hasten both funding
and settlement.
Quite apart from the large sums owing to the Government, which we are
morally and legally bound to fund, the Government admittedly owes the
Referring to Secretary W eek's comment to the effect
railway companies large sums on various accounts such as compensation,
that his offer was unsatisfactory, Henry Ford on July 28, depreciation and maintenance. There has been a wide difference of
while camping near Oakland, M d ., made the following opinion relating to the amount the Government owes, due in the main to
the claim of the owners that in spite of materials and hours of labor being
statement:
estimated in proper relations to similar expenditure in the pre-war test
I didn’t read exactly what Mr. Weeks said, but if he believes that I want period, the “ inefficiency of labor” still left a wide difference between actual
the Government to guarantee a certain amount of horse power at the plant upkeep and the expenditure made during the Government operation.
he misunderstands. Of course, I wouldn’t expect the Government to
In order to expedite settlement and funding an informal understanding
guarantee me anything of the kind. What I would want and what I pro which is all that is possible or practical, has been reached, under which the
posed is that the Government equip the j>lant so that I might obtain the railway claims based on the “ inefficiency of labor” are to be waived to
given horse power; that is all.
hasten complete and final settlements, without surrender of any rights m
The offer of Henry Ford should be accepted, M ajor- court in case there is failure to settle. I have no doubt that early, final
General Lansing H . Beach, Chief of Engineers, has advised and satisfactory settlements will be reached, since tho policy of the railway
Administration already has been effective in finally ettling the accounts
Secretary of W a r W eeks, it was reported in Washington of roads filing claims amounting to $225,562,764, resulting in the payment
dispatches of July 27 to the New York “ T im e s ." Some to them of $88,141,222.
The way now would seem to be clear to very early adjustment and relief,
minor stipulations as to changes in the Ford proposal are
except for the fact that railway Administration, though possessing assets,
included in General Beach's recommendations, it is said. does not command tho funds necessary to meet what will be its admitted
As the chief engineering officer of the W ar Department, obligations.
There is no thought to ask Congress for additional funds. Perhaps
General Beach has the Muscle Shoals project under his
$500,000,000 will be necessary. The Railroad Administration has, or will
direct supervision.
have in the progress of funding, ample securities to meet all requirements
if Congress only will grant tho authority to negotiate these securities and
provide the agency for their negotiation.
P R E S I D E N T H A R D I N G ' S M E S S A G E TO CO N GRESS O N
With this end in view you are asked to extend the authority of tho War
R A IL R O A I) I N D E B T E D N E S S — W ID E R PO W ERS FOR
Finance Corporation so that it may purchase these railway funding securities
accepted by the Director-General of Railroads. No added expense, no
WAR F I N A N C E C O RP O RA T IO N .
added investment is required on the part of tho Government, there is no
President Harding's proposals for the adjustment of tho added liability, no added tax burden. It is merely the grant of authority
claims of the railroads against the Government and the necessary to enable a most useful and efficient Government agency to use
its available funds to purchase securities for which Congress already has
funding of the railroad debt due the Government were laid
authorized the issue and turn them into the channels of finance ready t o
before Congress in a message which he addressed to that float them.

TH E CHRONICLE

488

I call readily believe that so simple a remedy will have your prompt sanc
tion
The question of our obligation cannot be raised, the wisdom of
affording early relief is not to be doubted, and the avoidance of added
appropriation or liability will appeal to ( ’ongress and the public alike
The after-war distresses of two great and fundamental activities have
been riveting the anxious attention of the country. One is the readjust
ment and restoration of agriculture, the other is the distress of our railway
transportation system .
fending proposals for relief and their dismission have already brought to
the attention of Congress the very promising possibilities of broadening the
powers of the War Finance Corporation for the further relief of agriculture
and 11 vv -.luck production
This corporation has proven itself so helpful
in the relief thus far undertaken that l cannot help but believe that its
broadened power . as have been proposed, to meet agricultural needs, will
enable it wholly to meet the nation-wide emergency. This is an impelling
moral obligation to American farming in all its larger aspects, and it will
be most gratifying to have your early sanction.
In the case of the railroads there is a moral and a contracturaI obligat ion,
and your fav orable action U no n- ■>•>urgent , and will no less appeal to public
approval
Railway solve.icy and efficiency are essential to our healthful
industrial, commercial and agricultural life. Everything hinges on trans
portation .
After necessary and drastic curtailments, after harrowing straits in
meeting their financial difficulties, the railroads need only this financial aid
which the fulfillment of our obligations will bestow to inaugurate their farreaching revival. Its effects will be felt in varied industries and will banish
to a large degree the depression which, though inevitable in war’s aftermath,
we are all so anxious to see ended.
I am appending herewith memoranda concerning the progress of railroad
liquidation and revealing existing conditions which Congress will be inter
ested to note, while considering the simple remedy proposed for the relief
of the situation. The information is submitted by the Director-General
of the Railroads.
WARREN
The

W h ite H o u s e , J u ly

G.

H ARDING.

26 1921.

The fact that the plans for the settlement of the indebted
ness of the carriers to the Railroad Adm inistration were
under consideration by the President was noted in these
columns July 9 , page 149 and July 16, page 2 57.
The m atter
had since then been the subject of conversations by the Presi
dent with Secretary of the Treasury M ellon , Secretary of
Com m erce H oover, Senator Cum m ins of Iowa and the
Cabinet.

D I R E C T O R G E N E R A L OF R A I L R O A D S O N P R O G R E S S OF
R A IL W A Y L IQ U ID A T IO N .
A s noted in the preceding article, President Harding sub
mitted to Congress this week, along with his message on the
funding of the railroad debt, ^ m em orandum from Director
General of Railroads James C . D avis, on the progress of
railway liquidation. This memorandum states that during
the period of Federal control there was expended by the Rail
road Adm inistration on behalf of the carriers, $ 1 ,1 4 4 ,0 0 0 ,0 0 0
in additions and betterm ents, and that of that sum $ 3 8 1 ,0 0 0 ,000 was used in the purchase of additional equipm ent. The
expenditure for this equipm ent, he points ou t, has been taken
care of in equipm ent trust certificates now held by the Rail
road Adm inistration, leaving about $ 7 6 3 ,0 0 0 ,0 0 0 of additions
and betterm ents, which if not funded, m ust be deducted
from the am ount due from the Railroad Adm inistration to
the carriers in final settlement . Referring to the contention
of the carriers that this indebtedness should be funded by
the G overnm ent for a term of at least ten years, the Director
General states that “ it is even more vital to the public than
to the carriers that the latter should succeed in securing the
m oney necessary to the successful performance of their transtransportation duties.”
“ I f , ” he says, “ the Governm ent
refuses to fund this indebtedness which it created for the
carriers, and for which the Transportation A ct expressly
provided, and if in addition to their large capital require
m ents for other purposes, it is necessary for them to borrow
also the am ount they owe the Governm ent for additions and
betterm ents their problem and the public’s problem , in
respect to transportation will be enormously em barrassed.”
The following is the m emorandum of the Director-General:
M e m o r a n d a f r o m th e D i r e c t o r G e n e r a l o f th e R a i l r o a d s .
Progress of railway, liquidation.
v
The total number of Federal controlled carriers, including subsidiary
companies, was 425. The mileage of the Federal controlled roads was
239,009.
The number of claims on final settlement filed with the Director General
up to July 15 1921 was 184, the aggregate amount claimed being $758,032,235. The mileage of the roads that have filed their claims aggregate
167,070.
The amount of claims settled by the Director General up to and including
July 15 1921, aggregated $225,568,764. These settlements represent some
4 3 % in number of the claims actually filed. The total amount paid in
settlement was $68,141,227.
The largest single disputed item in final settlement is the claim for undermaintenance of way and structures and equipment. The under-mainten
ance claims represent more than 50% of the total amount of claims filed.
Included in these claims for upder-maintenance is the much discussed claim
variously described as “ inefficiency of labor,” “ ineffectiveness of labor,”
or the “ difference in the cost of applied material as between the tost and
Fedeial control periods,” this item representing some 7 0 % or 7 5 % of the
total unier-maintenance claims.
Claims for inefficiency of labor have not been allowed by the Railroad
Administration not only, as contended by the Railroad Administration,
because such claims are not contemplated by the standard contract, ut

[V ol. 113.

they are of a too highly indefinite speculative and contingent character to
warrant consideration.
In addition to the claims on final settlement covering the various items of
dispute, between the carriers and the Administration, there are innumerable
claims for loss and damage in the transportation of freight, fire and personal
injury eases and reparation claims growing out of freight rate controversies,
These claims are being rapidly disposed of, and within a reasonable time
the adjustment of same should be completed.
During the period of Federal control there was expended by the Railroad
Administration, on behalf of the carriers, some $1,144,000,000 in additions
and betterments, properly chargeable to capital account. Of this sum
iii excess of $381,000,000 was used in the purchase of additional equipment,
consisting of 100,000 box cars and 2,000 locomotives, and the expenditure
for this equipment has been taken care of in equipment trust certificates
now held by the Railroad Administration. This leaves about $763,000,000
of additions and betterments, which if not funded, must bo deducted from
the amount due from the Railroad Administration to the carriers in final
settlement. An extension of the time in which these addition and better
ment obligations could be paid to such carriers ias could give reasonable and
satisfactory security would enable the carriers receiving this extension to
expend this amount of money in the much needed rehabilitation of their
cars and locomotives and apply the usual and necessary maintenance
upon their way and structures, so that the national system of transportation
could be equipped during the coming Fall and Winter to promptly and
effectively perform its duty to the public in the way of prompt and efficient
transportation.
P ercen ta g e o f B ad

O rd er F r e ig h t C a r s a n d

L o c o m o tiv es .

The percentage of bad order freight cars has not been below 5 .0 % at
any time during the past five years. During the year 1917 it ranged be
tween 5.2 and 6 .0 % . While there is no general agreement as to what the
normal percentage should bo, it seems to be generally accepted at from 5
to 6 % . The percentage of bad order cars on July 1 1921, was 1 5 .6 % , or
about 10% above normal.
The total number of freight cars in service at the present time is about
2,400,000 and 10% of that number would be 240,000, which represents the
excess or abnormal bad order condition of freight cars to-day.
The normal percentage of bad order locomotives is understood to be 1 0% .
The percentage of bad order locomotivs on July 1 was 23.9, or 14% above
normal. The total number of freight and passenger locomotives (exlusive
of switching) is about 50,000 and 14% of this would be 7,000 locomotives,
which represents the abnormal bad order condition of locomotives at the
present time.
D efe r r e d

M a in te n a n c e .

The amount of deferred maintenance at the present time has been
conservatively estimated at $400,000,000, of which $200,000,000 represents
maintenance of way and $200,000,000 maintenance of equipment. That
is, these are the amounts which should be expended on the railway proper
ties to bring them up from their present physical condition to normal.
S h o rta g e i n N u m b e r o f R a ilw a y E m p lo y e e s .

The total number of railway employees in the first quarter of 1921 was
1,691,471. This was less by 340,456 than the average number in 1920;
and less by 302,053 than in the first quarter of 1920.
This manifestly means an enormous increase of unemployment. If the
railroads were in a position to resume their normal maintenance of ways and
structures and equipment it is conservatively estimated that it would mean
immediate employment of at least 200,000 workmen.
D e la y e d P a y m en ts o f V o u ch ers.

Delayed payments of the current liabilities of the railways, representing
principally payments due for fuel and materials used in operation, have been
conservatively estimated at not less than $300,000,000.
The failure to pay these has involved great industrial distress and de
pression. It has meant the shutting down of many industries. If the
railroads are paid what is due them by the Government, they in turn can
pay these debts, and the starting up of industry will be enormously assisted
and promoted.
It is evident, if the products of our farms, of our forests, of our mines and
of our other industries are to find a way to market, that our railroads must
be adequately equipped to move them. Manifestly, from the foregoing
statistics, they are not now so equipped. If there is to be a return, as we
devoutly hope there soon will be, of normal business activity and prosperity,
it must not be halted and obstructed by insufficient transporattion, which
is a fundamental condition of all commerce.
F u n d in g .

By the terms of Section 6 of the Federal Control A ct, the President was
authorized to incur, on behalf of the carriers, indebtedness for additions and
betterments. To create an indebtedness to be paid by others without limit
in amount is, it must be admitted, a most unusual power and was justified
only by the exigencies of war.
As a result of the exercise of this power, a large amount of indebtedness
was created by the Director General and imposed upon these carriers, for
additions and betterments, some of it assented to by them and some of it
not concurred in. This class of indebtedness, although on capital account ,
was made by the Government immediately payable, instead of being
arranged in long-time obligations.
If the carriers had been dealing with their own affairs in respect to addi
tions and betterments, it is reasonable to suppose that they would not have
undertaken to provide for these large capital requirements out of their
current income, but would have followed their usual course, which would
have been not to incur indebtedness as to a large part of this amount until
they had succeeded in financing the capital required on long-term obliga
tions. They could not do this under the conditions of Federal control
and of the war for two reasons: First, because the matter was not legally
within their control and, second, because the entire investment market was
necessarily absorbed by the Government in securing war loans.
The question, therefore, arises, W hat is it equitable and just to do now in
regard to the adjustment of this indebtedness? The carriers insist that it
should be funded by the Government for a term of at least ten years.
This, they claim, is just, not only because of the circumstances above nar
rated, under which the indebtedness was created, but for an additional
reason, in which the public, as well as the carriers themselves, have an
interest. The carriers at the end of Federal control had been out of pos
session of their properties for more than two years. They were called on
at that time to rasume the responsibility of furnishing transportation ade
quate to the needs of commerce.
It must be admitted that they undertook
the performance of this duty under adverse conditions.
Their organiza
tions had been broken up; much of the normal traffic of the various lines
had been diverted to others; their rolling stock had been widely scattered
by Government management throughout the country, and their labor
expense had been enormously increased during Federal control
This situa
tion, they claim, put upon them the necessity of providing for abnormal
expenses of operation at the very outset.

J u l y 30

TH E CHRONICLE

1021.]

It is In tho public interest that they should be able to perform successfully
the duty o f transportation. This will necessitate not only an adequate
supply o f cash for their abnormal expenses, duo to the special conditions
which have surrounded their properties, and for their current purposes, but
also will necessitate tho borrowing o f large aments of new capital, so as to
keep their roads up to the requirements o f
public and for other capital
purposes, such as the payment o f maturing obligations. This they will have
to do in a market disturbed by war conditions and where there is a tremen
dous com petition, as between themselves and with other industries, for the
funds available for investment.
It is even more vital to the public than to the carriers that the carriers
should succeed in securing the money necessary to tho successful performance
o f their transportation duties.
If the Government refuses to fund this indebtedness which it created for
the carriers, and for which the Transportation A ct expressly provided, an
if, in addition to their large capital requirements for other purposes, it Is
necessary for them to borrow also the amount they owe the Government for
additions and betterments, their problem and the public’s problem in respect
to transportation will be enormously embarrassed.
The indebtedness o f the carriers to the Government for additions and bet
terments incurred under the circumstances above mentioned ought not to
be allowed to constitute an additional com plication and embarrassment in
this situation. T o avoid this the Government ought not to hesitate to
carry this indebtedness for ten years, as provided in the Transportation
A ct, in view o f the fact that the reason it was made immediately due grew
out o f the war and the public needs.
JA M E S C. D A V IS , Director-General.

the

B I L L E N L A R G I N G P O W E R S OF W A R F I N A N C E COR
P O R A T I O N TO A D J U S T R A I L F I N A N C I A L C L A I M S . ■
In furtherance of the proposals of President H ard in g for
the settlem en t of the claim s of the railroad s, grow ing ou t of
G o v ern m en t control of the carriers, and the fu n d in g of the
railroad debt due the G o v ern m en t, a bill was introduced in
the H ou se of R ep resen tative on J u ly 2 8 b y R ep resen tative
W in slo w , of M a ssa ch u se tts, C h airm an of the C o m m ittee on
In te r-S ta te C om m erce.
W i t h the in trod u ction of the bill,
R ep resen tative W in slo w is reported in the N e w Y o r k
“ T im e s” as statin g:
The general purpose o f the bill is to put funds into the hands o f railroads,
so that they may be able to go into the market and purchase supplies
necessary for the operation and the extension o f then’ properties. They
apparently are ready to make such a m ove if cheir credit can be estabbshed
so as to warrant them in so doing.
The proposed legislation is o f such a character as to make it possible for
the Governm ent to adjust its accounts with the carriers and help the rail
roads under the general provisions o f the Transportation A ct without an
appropriation from Congress or an increase in Federal departments. It
seems quite possible for the Governm ent to provide the railroads -with
working funds in view o f the m oney in sight and available for such a purpose.
The passage o f the bill would probably contribute to a more speedy settle
ment o f the accounts between the carriers and the Government and greatly
facilitate the Railroad Administration in winding up its affairs. It will also
make it possible to reduce the Railroad Administration force, which now
numbers 1,200 persons o f a highly paid class. It will further bring to a
complete determination the office o f the Railroad Administration, which is
now costing the Governm ent $4,000,000 a year.
So far as any legislation can open the avenues o f commercial activities, it
is believed that the passage o f this bill will bring about such a result.

A s stated elsewhere in our issue of to -d a y , President
H arding proposes to effect the a d ju stm en t of the railroad
financial problem s through the broadening of the powers of
the W a r Finance C orp oration .
T h e follow ing is the text
of R ep resen tative W in slo w 's bill:
Be it enacted b y the Senate and House o f Representatives o f the United
States o f Am erica in Congress assembled, that Section 207 o f the Transpor
tation A ct, 1920, is amended b y adding at the end thereof two new sub
divisions to read as follows:
(H) A ny bond, note or other security acquired under the authority o f
this section after this subdivision takes effect m ay, at the option o f the
President (1) bear interest at a rate o f 6% per annum, and in such event
shall be received at par, less such discount as m ay, in the opinion o f the
President, represent the customary and reasonable expense o f marketing
such bond, note or other security; or (2) bear interest at a rate less than
6 % per annum, and in such event shall be received at a price to yield an
annual average return, including interest and appreciation, if held to and
paid at m aturity, o f 0 % o f such price, such price to be subject to such fur
ther discount as m ay, in the opinion o f the President, represent the cus
tom ary and reasonable expense of marketing such bond, note or other
security.
(I) The President m ay readjust any final settlement made with a carrier
before this subdivision takes effect, for the purpose o f funding, in accord
ance with the provisions o f this section, any indebtedness o f such carrier
to the United States existing before such settlement was made, arising out
of additions and betterments made during the Federal control and properly
chargeable to capital account.
Sec. 2. The W ar Finance Corporation A ct, as heretofore amended, is
further amended by adding at the end thereof a new section to read as
follow s:
Sec. 22 (A ). . . . The corporation may purchase from the President
and the President may sell to the corporation any bonds, notes, or other
securities acquired by the President either before or after this section takes
effect, under authority o f the Federal Control A ct, the Transportation
A ct, 1920, or the A ct entitled “ An A ct to provide for the reimbursement of
the United States for m otive power, cars and other equipment ordered for
railroads and systems of transportation and for other purposes,” approved
Nov 19 1919, at an aggregate purchase price not exceeding 8500,000,000.
Any such securities shall be purchased at the prices and subject to the
discounts, if any, at which acquired by the President.
Gij Whenever, in the opinion o f the board o f directors o f the corporation,
market conditions justify, any such bonds, notes, or other securities ac
quirod by the corporation under this section m ay from time to time be
sold, marketed, or disposed o f by the corporation at not Jess than the
original cost thereof to the corporation.
f(y) Any such bonds, notes, or other securities, not purchased by the
corporation, m ay, at the request o f the President, be sold, marketed or
disposed of by the corporation, as selling agent, at not less than the price
at which originally acquired by the President.

4 89

(D ) The corporation m ay em ploy lor the purpose o f this section such
agents or agencies as It deems necessary.
(E ) Tho proceeds o f all bonds, notes, or other securities sold by tho
President to the corporation or by the corporation as soiling agent shall be
a fund to bo used by tho President for the purpose described In Section 202
o f the Transportation A ct, 1920.
(F) W henever used In this section tho term “ President” Include-; any
agent or agency designated by him under tho authority o f any o f the Acts
specified In Subdivision A.

Inform ation regarding tho resources of the W a r Finance
C orp oration , and the steps taken by it during the week in
financing various kinds of exp orts, will bo found in articles
on pages 471 and 4 7 2 .

PLANS

FOR

SETTLEMENT

OF R A I L R O A D

C LA IM S.

Referring to the plans proposed b y President Harding
for the settlem en t of tho railroad claim s, the following from
W a sh in g to n , July 2 6 , appeared in the N e w Y o r k “ Com m er
cial” o f the 2 7 th in s t.:
Under the Administration’s plan to fund the indebtedness o f the roads
to the Government for 10 years at 6 % , as outlined to Congress to-day,
the Governm ent’s former m ethod o f settling with the carriers will be
abandoned.
Tho policy o f the Railroad Administration heretofore in making final
settlements has been to set o ff what the railroads owed the Government
against the amount the Government owed the carriers, and pay the differ
ence, if any, in cash. A great number o f the railroads’ claims are disputed,
however, and this has caused serious delay in effecting final settlements,
the roads in the meantime being forced to go without the funds due.
N ow , under the plan jjroposed by President Harding, the Government
will settle in full all claims o f the railroads against the Railroad Administra
tion as soon as they are adjudicated, and accept obligations maturing in
10 years and bearing 6% interest for the full amount owing the Government
by the railroads.
It is variously estimated that the Governm ent owes the railroads for the
period o f Federal control, from $300,000,000 to $500,000,000- These
figures, however, are reached on the basis that the railroads’ claims for
the alleged ‘ ‘inefficiency o f labor” during Government operation, are not
taken into consideration. The President’s message to-day says the roads
have agreed to waive these claims if the terms o f settlement he proposed
are carried into effect.
It has been stated that the claims for “ inefficiency o f labor” aggregated
$800,000,000- Th*e Inter-State Commerce Commission is understood to
have approved the claims b y an informal vote, although no definite action
ever has been taken. The Railroad Administration, on the other hand,
positively has refused to allow them.
T o make possible the carrying out o f his plan, President Harding asks
Congress to extend the power o f the W ar Finance Corporation so that it
m ay buy from the Railroad Administration the securities it accepts in
funding the roads’ indebtedness to the G overn m eri
These securities will be in the form o f promissory notes to the amount o f
the total indebtedness, approximately $763,000,000- In addition to this
amount the Railroad Administration already holds several hundred millions
o f dollars in railroad obligations turned over to it for security on loans
advanced b y the Government.
It is not the plan, though, to have the W ar Finance Corporation purchase
the entire amount o f securities held b y the Railroad Administration. Only
a sufficient amount to enable the Railroad Administration to make final
settlements with the carriers will be taken over.
The Administration’s plan further provides that the W ar Finance Cor
poration m ay dispose o f the railroad securities to the public when market
conditions becom e favorable.
As soon as the enabling legislation urged b y the President is enacted, the
Railroad Administration plans to clean up all undisputed amounts in the
roads’ claims against the Governm ent. It is estimated that within a month
or two it win be possible to pay o ff from $200,000,000 to $300,000,000The Inter-State Commerce Commission is preparing a bill to carry out
the President’s recommendations with regard to the railroad problem. It
is expected to be finished this week, and Senator Cummins is understood
to have been recalled from his hom e in Iow a to take charge o f it and rush
it through the Senate. Representative W inslow o f Massachusetts, Chair
man o f the House Inter-State and Foreign Commerce Com m ittee, also
plans to push for favorable action in the lower branch without delay.

R E S I G N A T I O N OF E. E. C L A R K F R O M I N T E R - S T A T E
C O M M E R C E C O M M I S S I O N — F. I . C O X A P P O I N T E D .
On July 22 Frederick I . C o x , of N e w Jersey, was n o m in 
ated by President H arding as a m em ber of the In te r-S ta te
C om m erce C om m ission to succeed E d gar E . C la rk , resigned.
T h e resignation of M r . C la rk , w ho was Chairm an of the
C om m ission , was m ade known w ith the nam in g of M r . C o x
as a m em ber of the C o m m issio n .
I t is understood th at
C hairm an C lark resigns to enter private business h avin g,
it is reported, advised President H arding th a t he feels he
has reached the age where he m u st abandon public service
to take up other work which will yield greater com pensation.
H is term would have expired D e c . 31 1 9 2 6 .
M r . C o x is
n ot expected to succeed to the C hairm an sh ip, th a t p o st, it
is stated , being filled in the regular w ay b y rotation . M r .
C o x , who is a resident of E a st O range, N . J ., is connected
w ith B eld ing B rothers Silk C o . of N e w Y o r k .

T R A N S P O R T A T I O N C O M M I T T E E S OF U. S. C H A M B E R
OF C O M M E R C E .
T w o com m ittees have been nam ed b y the U n ite d States
C h am b er of C om m erce to deal w ith transportation p roblem s.
A d ep artm en tal co m m ittee, for the C h a m b e r’s D e p a rtm e n t
of T ran sp ortation and C om m u n ication will consider problem s
relating to the general field of transportation and com m unica
tio n , while a special railroad com m ittee has also been n am ed .

490

THE CHRONICLE

[V ol. 113.

The Chairman of the departmental committee is Howard tion, and it is apparent that if adopted they would not only perpetuate the
Elliott, Chairman of the board of the Northern Pacific Ry., inconsistencies to which complainants refer but would create new prefer
ences and prejudices.
and a member of the Chamber board of directors. Other
The commission has no evidence upon which to base an opinion as to
whether the deficiency is or is not met from the revenues on coal.
members are:

To treat the complainants "as a whole" or as a group, would disregard
the differences which obtain between the complainants individually. Much
of the evidence adduced was solely in behalf of tho New Haven and mani
festly has no application to conditions on the Bangor & Aroostock, the
Hail roads, George A. i’ost, New York, President of the Hudson liiver Central Vermont or the Rutland.
Bridge C o r [ i and
Salmon, Rochester, President of the General Ry.
Signal Co.
Marine, 11 II Raymond, New York City, President of the Clyde Line, NEW YORK TRUST COMPANY ON FUTILITY OF
and J M. VVhitsitt, Charleston, S. O., President the Carolina Co.
RA ILROA D VA L UA TION.
Highways, A J Urosseau, New York, President of the international
In a n a r t i c l e o n “ R a i l r o a d V a l u a t i o n ” a p p e a r i n g in t h e
Motor Co.

VIce-Chairoiaa, l.tiwis B. Stillwell, Lakewood, N. J., a consulting
engineer and also a Chamber director.
Utilities, Udwiu O. Ldgerton, San Francisco, ex-Chairman of the Cali
fornia Kailroad Commission
VV

VV

Electric railways, Philip il. Gadsden, Philadelphia, Vice-President
United Gas Improvement Co.
Waterways, Douglas Fiske, Minneapolis, lawyer.
Port terminals, it. F. Cresson, Jr., New York City, chief engineer,
Port of New York.
Communications, John J. Carty, New York, Vice-President American
Telephone & Telegraph Co.
Postal, Lucius Teter, Chicago, President Chicago Trust Co.

J u ly n u m b e r o f “ T h e

George A. Post is Chairman of the special railroad com
mittee and the other members are:

v a l u e d , it h a s b e e n d e m o n s t r a t e d b e y o n d a d o u b t t h a t t h e

Railroad executive, T. C. Powell, New York, Vice-President Erie
Railroad Go.
Banker, Harry A. Wheeler, Chicago, Vice-President Union Trust Co.
Merchant, George VV. Simmons, St. Louis, President Simmons Hardware
Co.
Railway equipment, Wilmer W . Salmon, Rochester, President General
Railway Signal Co.
Railroad Administration, A. W . Smith, Washington, General Counsol
U. S. Railroad Administration.
Transportation economist, Emory R. Johnson, Philadelphia, Dean,
Wharton School, University of Pennsylvania.
Transportation engineer, Charles E. Lee, East Orange.
Lawyer, F. C. Dillard, Sherman, Tex.
Rail and water transport, Walter S. Dickey, Kansas City, President
Kansas City & Missouri River Navigation Co.

c o n n e c tio n w ith e c o n o m y p la n s ,

The Chamber’s transportation department was organized
recently with J. Rowland Bibbins as its Manager. Mr.
Bibbins formerly was supervising engineer of the Arnold Co.,
engineers, Chicago. The department will deal with trans
portation in all its forms. In its work it will take up the
following:
1. Railroads— Further study of financial resources, consolidation and
efficiency, with the object of making them self-sustaining, with adequate
service to the public.
2. Marine transportation, both lake and ocean— The problem of the
American merchant marine and proper relation to foreign competition.
3. Terminals and Ports— Intensive study of operating unification to
secure a more efficient trans-shipment machine.
4. Electric Railways— The fare situation and ways and means for
securing a self-supporting agency of essential public service.
5. Highways— Economic analysis of tho problem of highway transport
in relation to other agencies, and the proper public subsidy therefor.
6. Waterways— Economic analysis showing the true position of water
ways as a natural resource, as yet largely undeveloped.
7. Communications— Encouragement of adequate development for
needs of business, especially in connection with foreign countries.
8. Postal and Express— The problem of transportation of the mails upon
an economic basis, as affects both services and carriers.
9. Air Transport— The certification of laws and regulations to promote
safety and encourage aeronautical development vTith the maximum rapidity

NEW ENGLAND ROADS D EN IED REDIVISION OF
JO IN T FREIGHT RATES—INCONSISTENCIES
MAY BE REMOVED.
The

In te r -S ta te

C om m erce

C o m m is s io n

on

J u ly

28

d e n ie d t h e p e t i t i o n o f t h e N e w E n g l a n d r o a d s f o r a b l a n k e t
in c r e a se

in

th e ir

p r o p o r tio n

in te r c h a n g e d w ith
C o m m is s io n e r s

of

th e

jo in t

la s t

s p r in g

it is s t a t e d

th a t

th e N e w

“ a lth o u g h

it

is

p erh ap s

w o rth

w h i le

to

record

th a t

a fte r

s ix

w h o le

p r o c e e d in g

know how

is u t t e r l y

fu t i le .”

It

is a d d e d

th a t

e x is tin g

c o n d itio n

of

d iv is io n a l

to

m a n y o th e r e x p e n s iv e g o v e r n m e n t a c tiv itie s a re

b e i n g c o n t i n u e d a f t e r t h e ir u s e le s s n e s s h a s b e c o m e e v i d e n t . ”
The

a r t i c le a ls o s a y s :

The recent publication of a number of completed valuations by the
Intor-State Commerce Commission recalls to mind tho fact that for the
past six yoars the Government has boon carrying on, at an expenso to date
of some $5,500,000, an attempt to place a definite value on the railroads.
This value, it will bo remembered, is to bo as of 1914. The law attempted
to be specific as to the methods by which the valuation was to be carried
out, but in practice it has proved necessary to take into consideration many
factors that the law ignored. It has also been found impossible accurately
to determine what was tho actual outlay in many cases. In short, evory
prophecy made at the time tho law was proposed by Senator La Follette,
to the effect that correct valuation was in most eases impossible, and that
whenever attained would bo useless, has been verified. Tho Senator’s Idea
was that ratos could be based on physical valuation, a fundamental absur
dity which has grown more and more clear as the attem pt to carry out tho
law progresses.
In the Transportation Act of 1920 the Inter-State Commerce Commission
is directed to prescribe rates estimated to produce earnings of 534% on tho
value of the property used in transportation. It based these rates on an
estimated valuation of $18,900,000,000 for all the roads of the United States.
As a matter of fact the rates have produced since then went into effect about
2% on the valuation fixed by the Commission itself. If rates were to be
put into effect which would actually produce 5J4%, they would have to
be very much higher than they are at present..

A YEAR LOST IN WAGES IN BUILDING
INDUSTRY THROUGH UNEMPLOYMENT .

$ 5 0 0 ,0 0 0 ,0 0 0

T h e a sse r tio n

t h a t h a l f a b i l li o n d o lla r s a y e a r in w a g e s

is b e i n g lo s t i n t h e b u i l d i n g i n d u s t r y t h r o u g h u n e m p l o y m e n t
is m a d e
W a ste

in

in

a

report of

In d u stry

a p p o in te d

by

of

th o
th e

H erbert

C o m m itte e
A m e r ic a n

H oover.

on

E lim in a tio n

E n g in e e r in g

Lack, o f w ork

of

C o u n c il,

is

d e c la r e d

t o b o t h e o u t s t a n d i n g f a c t i n t h i s i n d u s t r y , t h e c r i t ic a l c o n 
d i t i o n o f w h i c h f o l l o w i n g t h e Avar is a t t r i b u t e d p r i m a r i l y t o
h ig h c o s t s o f c o n s t r u c t i o n . W a s t e , i t is s a i d , is c a u s in g h u g e
lo s s e s i n b u i l d i n g , w h i c h , i n c lu d i n g a ll t r a d e s a n d c o m m o n
la b o r in c id e n ta l to
and

c o n tr ib u te s

$ 3 ,0 0 0 ,0 0 0 ,0 0 0

it,

to

ran ks

th e

y e a r ly .

years sh ow th a t 3 2 %

secon d

am ong

w e a lth

of

th e

Y e a r ly

averages

th e

n a tio n
fo r

in d u s t r ie s
m ore

th e

t r ia l

so m e 3 ,0 0 0 ,0 0 0

b u ild in g s ,

th a n

past

six

o f t h e a c t i v i t i e s o f t h e i n d u s t r y , Avhich

e m p lo y

“ an

“ in

it w o u l d b e i n t e r e s t i n g

y e a r , a r e d e v o t e d t o r e s i d e n t i a l b u ild i n g s a n d 1 8 %

reveal

yoars’

w o r k , c o v e r i n g o n l y a s m a l l p a r t o f t h o t o t a l m i lo a g o t o b e

tr a ffic

d isse n tin g .

so-

r e g a r d le s s o f t h e c o s t o f th o p r o c e e d i n g a n d o f i t s u s e le s s n e s s ,

R iv e r ,

E a stm a n

Y ork

th e

c a lle d v a l u a t i o n o f r a i lr o a d s w ill p r o c e e d t o t h o b i t t e r e n d ,

on

A t th e s a m e t im e th e C o m m is s io n s a y s , t h a t th e h e a rin g s
of

I n d e x ,” p u b lis h e d b y

o f t h is c i t y ,

t h e c a r r ie r s w e s t o f t h e H u d s o n

C a m p b e ll, P o tte r a n d

ra tes

T ru st C o.

m e c h a n i c s a n d l a b o r e r s in a s i n g le

“ m i s c e ll a n e o u s ”

c o v e r in g

th e

to in d u s

re st.

The

c h ie f so u rc e s o f w a s te in th e b u ild in g in d u s t r y a r e , a c c o r d in g
to

th e

re p o rt,

i r r e g u la r

e m p lo y m e n t,

in e ffic ie n t

r e g u la tio n s .

C u sto m s

m anage

a r r a n g e m e n t s w h i c h is t h e a n t i t h e s i s o f e q u a l i t y , u n i f o r m i t y ,

m ent

s y s t e m a n d o r d e r .”

tio n s p r e v a ilin g th r o u g h o u t th e in d u s tr y a n d p o o r ly d e s ig n e d

N ew

E n g la n d

F o r th is re a s o n t h e y h a v e o rd e r e d th e

ro a d s to

s u b m it w ith in

90

d a ys a prop osal

w h ic h w o u ld r e m o v e th e in c o n s is te n c ie s .

and

e q u ip m e n t
e c o n o m ic

T h e C o m m is s io n fin d s t h a t th e e ffo rt o f N e w E n g la n d ro a d s

w a s te fu l la b o r
a re
lo s s

g iv e n
due

as

to

secon d a ry

a c c id e n ts

is

or

cau ses.

The

e stim a te d

as

c o n d i
annual

h ig h

as

$ 1 2 0 ,0 0 0 ,0 0 0 .

A p p l i c a t i o n o f s a f e t y m e t h o d s , i t is s t a t e d ,

w a s “ to a u g m e n t th e ir r e v e n u e fr o m tr a ffic w h ic h t h e y in te r 

w o u ld s a v e

th e in d u s tr y

c h a n g e w ith th e ir c o n n e c tio n s , w it h o u t r e g a r d to th e q u e s tio n

th r o u g h d u p lic a tio n o f e s tim a te s a n d d e sig n s a n d d u p lic a tio n

o f w h e th e r th e p r e s e n t d iv is io n s a re fa ir a n d r e a s o n a b le a n d

i n b i d d i n g is s a id

w i t h o u t c o n s i d e r a t i o n o f t h e p r o b a b le e f f e c t s u p o n r e v e n u e s ”

tio n a l s h o r ta g e o f h o u s in g e x is ts , th e c o m m it t e e s a y s ,

o f th e o th e r ro a d s.

c o s t s p r o h ib itiA re t o h o u s e h o ld e r a n d b a n k e r .

R e s p e c tin g su ch a b la n k e t in c re a se to th e
r o a d s , t h e d e c is i o n s a y s i n s u b s t a n c e :

N ew

E n g la n d

This would be taking from one road and giving to a less prosperous road,
thus doing by indirection what the Congress deliberately and specifically
refused to authorize us to do.
The financial condition of New England roads is not measurably worse
than that of some of the defendant roads.
N o evidence of the reasonable and equitable measure of divisions other
than “as a whole” has been offered. N o method by which tho apparently
incongruous plan of divisions now in force might be readjusted has been
submitted, and we are thus left to deal with the situation in the Jight of
generalizations which can lead only to speculative ventures upon an un
known field.
The various methods which have been suggested to alleviate the financial
conditions of the New England lines and assure them just, reasonable and
e luitable division indicate in themselves the uncertainly of the'r applica

to

to r u n in to

in p r o d u c t i o n is n o t e d
“ w ar’s

m i s f i t s .”

“ a b s o lu te ly

1 2 ,0 0 0 ,0 0 0

th e m illio n s .

u n io n

B o th

covered

report

says,

N eA v

Y ork ,

th e

b e in g

e n t ir e
p a id

B o sto n ,

C le v e la n d , A t la n t a

r u le s

e m p lo y e r s

b la m e d fo r r e s tr ic tio n o f o u t p u t .
g a tio n

An

L oss

a cu te n a 

Avith

Im p ro v e m e n t

a s a r e s u l t in p a r t o f w e e d i n g

M any

A v r o n g .”

days a year.

San

and

e m p lo y e e s

s p e c ia l

r e p r e se n ta tiv e

P h ila d e lp h ia ,

and

condem ned

as
a re

T h e c o m m it t e e ’s in v e s ti

c o u n tr y ,
to

out

are

a tte n tio n ,
c i t ie s

B a ltim o r e ,

F r a n c isc o .

The

th e

su ch

as

C h ic a g o ,

in q u ir y

in t o

t h e b u i l d i n g i n d u s t r y AAra s m a d e a s a p a r t o f a n a t i o n a l a s s a y
o f w a ste

c o n d u cte d

by

th e

c o m m itte e ,

of

w h ic h

J.

P ark e

C h a n n i n g o f N e w Y o r k is C h a i r m a n a n d L . W . W a l l a c e o f
W a s h in g to n

V ic e -C h a ir m a n .

T h is

assay

o r ig in a te d

with

J u l y -30

1921

THE CHRONICLE

Herbert Hoover, who recently retired from the Presidency
of the American Engineering' Council, and ombraoed nix
leading industries. The building investigation was in
charge of Sanford E . Thompson of Boston, who directed a
large force of field workers.
In part the report says:
Tho building trado workman is busy on the average about M)0 days in
the year, or two-thirds of his time. A few contractors, individually or
associated, are attacking this problem with effective results. The public
also must be educated to tho need of a sensible distribution through the
year of its construction demands and requirements. Idleness, however,
is not duo entirely to seasonal demands; strikes and lockouts are appreciable
causes.
Haphazard management in planning and controlling work and lack of
standards, which often double tho labor cost, characterize most construc
tion undertakings. Here, again, a few builders, recognizing the waste In
money and man power, are adopting methods that approach modern
factory management.
Union regulations in tho past have produced enormous losses through
direct or indirect restriction of output. Workmen and contractors, how
ever, are beginning to appreciate that reduced output reacts in tremendous
fashion upon themselves.
In some construction trades accidents involve losses up to 10% of tho
labor cost in addition to tho human loss of lives and energy. The average
loss, computed from insurance statistics, is about 2 lA % of labor cost.
Here also certain contractors have found it possible to cut their accidents
in half through special efforts.
Greater co-operation between tho workmen and the employers is an
absolute essential. This co-operation must bo attained before we can
approach the elimination of labor difficulties. Such co-operation, how
ever, is impossible without the removal of causes of friction and the working
out of plans to this end.
A striking fact about the building industry is that inasmuch as small
buildings require so little capital or credit, and apparently so little technical
ability, the field is full of small contractors, many of whom operate for a
few years and then fail. In Cleveland, O., for example, out of 4,000
contractors perhaps not more than 400 are needed. From these small
firms the range runs up to the highly capitalized company with yearly
business in the millions, employing thousands of workers and having a
trained technical organization.

The total shortage of housing in 1921, it is found, amounts
to 5 3 % of the total square footage (called the real measure
of value) constructed in 1915. “ To this percentage must
be a d d e d /' the report continues, “ if we consider the footage
constructed in 1915 as equal to the requirements of that year,
7 K % , which represents the increment required to cover
the increase in population.” It adds:
The need for building is most evident. The costs are so high, however,
that the householder cannot afford to buy, nor can the banker loan money
because of the danger of loss through the inevitable fall in prices.
The high cost of labor and materials in 1920 and 1921 prohibited bankers
from loaning money on ordinary building and dwelling house construction.
They reasoned, and correctly, that the price of materials and labor would
drop so that buildings erected at a later date would cost less, thus causing
a fall in the selling prices. Added to this have been the income tax condi
tions, so that the funds which were at one time available for mortgages have
been forced into tax-exempt securities. Notwithstanding, therefore, the
shortage of housing and the need for new construction, the actual work
going on has fallen to a remarkably small figure, and this in turn has been
reflected in unemployment. In certain cases advantage has been taken
of the conditions.
Much has been said in 1921 o f the inefficiency of building labor during
the last few years. However, except where effective management with
well-defined standards has been in operation, there have been similar
complaints throughout the country in all industries. This inefficiency has
been due to abnormal conditions.
The war necessitated the calling into the ranks of unskilled workers and
into the foreman class men unfitted by character or training for their jobs.
The demand continued to exceed the supply, resulting in bidding for
men and boosting o f wages.
Because of the unprecedented demand, organized labor forced conces
sions not only as regards increases in wages, which were usually justified
by the increased cost of living, but also as regards working rules whifj| led
in many cases to curtailment o f production. The speed needed on govern
ment work to win the war, with the lessened care for cost engendered by
the cost-plus contract, resulted in less effective operation. The men
naturally became accustomed to this inefficient method of working, and it
furnished in one sense a standard for future efforts.
With the depression in business and the lessened demand for all kinds
of labor, the average production in all industries is again approaching nor
mal. Certain contractors are again basing estimates on the assumption
that labor is normally efficient. The improvement is in part due to the
weeding out of misfits in both labor and management.

Analyzing the causes of building waste, the report says
irregular employment is due to seasonal fluctuations, bad
weather, strikes and lockouts. Inefficient management is
blamed on failure to furnish continuity of employment;
failure to plan work in sufficient detail; lack of proper
schedules to allow proper co-ordination of scheduling, pur
chasing, delivery, with job requirements; lack of standards
and adequate cost methods as a means of checking produc
tion; high labor turnover; failure to us© proper amount or
type of equipment; general failure to 'develop and use a
greater amount of mechanical equipment, and waste of
materia] through careless handling and improper plant
operations. W asteful labor regulations, according to the
report, consist of requiring skilled men to do work that
could bo performed by unsMlied, restricting individual
incentive through requiring uniform wages, limiting the
number of apprentices, excessive reduction of working hours,
restricting output by prohibiting the use of labor-saving
devices and jurisdictional regulations. Additional sources
of waste are failure of architects to furnish check plans and
specifications, duplication of labor in estimating and often

491

in design, and accidents which are particularly important
in the building industry because of the extra hazardous na
ture of the work.
Barge fluctuations in the number of men employed by
representative contractors, indicating also the great fluc
tuation in the volume of business carried on, are reported.
Assuming that the figures for unemployment due to all
causes in the building trades in Massachusetts are repre
sentative of tho entire country, and if one-half of this un
employment could have been eliminated, the value to tho
building industry or its wealth to the country would have
boon increased, according to the report, as follows: 1915,
$106,000,000; 1916, $91,000,000; 1917, $ 1 1 3,000,000 ; 1918,
$85,000,000; 1919, $141,000,000 ; 1920, $ 1 9 2,000,000 . RepRepresentative average conditions in the building trades
of Philadelphia and vicinity reveal lost or wasted time as
high as 4 4 % among iron workers, 3 7 % among cement finshers, 3 6 % among steam fitters, plasters' helpers and stone
cutters, 4 0 % among roofers and 2 9 % among painters and
paper hangers. This percentage is based on the relation of
the average days worked per year to the number of effective
days possible. The days at work average 189 per year for
the various trades in Philadelphia. The average of esti
mates reported by contractors in 210 working days a year.
Over half of the lost time, it is estimated, is due to bad
weather and the balance chiefly in waiting for or looking
for work.
“ Although efforts toward reducing seasonal unemploy
ment have been local and often spasmodical, recent devel
opments and conferences have shown the possibilities of
vast improvement. The means of bringing about a reduc
tion of seasonal unemployment m ay be outlined as follows.*
Allowance of a small margin of profit for both labor and capital during
winter months, development of methods of conducting the work in cold
weather, arrangement of work to provide indoor operations in cold and
stormy weather, organization o f a clearing house for co-ordination of
activities, increasing the usefulness of employment bureaus, and educating
the public.
Contractors must prove to the public that they can carry on operations
during the winter period as economically and substantially as during other
periods of the year. To do this, contractors, labor, transportation and matterial men in a locality must all get together and, after joint study of the
situation, agree to reduce profits and wages an amount that will offset
the increased cost of carrying on work in winter months.
The education of the public is vital to a sensible distribution of work
throughout the year. This applies equally to industrial, public and resi
dential construction and to household repairs and maintenance. Instead
of crowding our main construction work into seven or eight months, all that
can be deferred from the busy to the more idle season should be so scheduled.
Owners making interior repairs or slight additions should be encouraged to
have this work done in the offpeak season. Old buildings to be demolished
to make room for new ones, should be torn down in cold weather in advance
of the new construction instead of waiting, as is often done until the new
building ought to be under way.
Real estate dealers lease apartments usually in October and do all re
decorating work and repairing at this time. An architect in New York
City has stated that some 25,000 painters and paper-hangers are needed
during this brief period, while normally only 5,000 men are required.
With a central bureau, under the auspices of the employers, the workmen
and the public, these and many other things would be studied with effective
results.

The strike is one of the great economic wastes to be
found in the building’ industry, the report declares:
The waste to the men engaged, the contractor and the public is hard to
estimate. The major causes of strikes are occasioned by demands for in
crease in wages, recognition of tho union, decrease in working hours and by
jurisdictional disputes.
Incidental to these causes and often aggravating them are the working
conditions, while in almost every case the prime factor is the lack of under
standing and failure of the employers and the workers to get together.
The number of strikes and lockouts occurring in the building trades in
creased from 302 in 1914 to 452 in 1919, an increase of 50%. This increase
is accounted for in part by the greater demand for labor in 1919, which
inevitably makes tho requirements o f workmen more exacting and arbitrary.
Of the 1919 figure, 452, only 18, or 4% are listed as lockouts, so that the
waste due to lockouts is relatively small.

If the Massachusetts rate of 138,519 working days lost
in 1920 is applied to the entire industry, a waste of some
3 ,0 00,000 days per year is found. The report continues:
If the greatest cause, ^he demand for an increase in wages, could be
eliminated, strikes as a factor of waste would shrink into insignificance.
The remedy that suggests itself is co-operation. Management and labor
must forget the sore spots of past conflicts and through whole-hearted co
operation fix by proper studies a minimum wage to correspond with a
standard amount of production, with additional compensation for addi
tional output. This* would furnish an incentive to the men and would
give recognition to deserving mechanics.
Unions must co-operate to the extent of eliminating the flat rate for all
mechanics of a trado, and to the extent of modifying tho restriction that
forbids mechanics to accept piece work. With definite standards fixed and
with the co-operation of both parties fair incentives can be introduced.
The most encouraging sign in tho elimination of the above causes is found
in what is known as the “ Philadelphia Plan” put forth by the labor element
of that city. -

This plan contemplates the organization into a single
body through associations, groups or committees of each,
employing branch of the building industry in number at
least equal to tho nineteen represented in the C ouncil/of
the Associated Building Trades, A heading-up committee,
composed of an equal number of representatives fromTthe

411 £

THIS CHRONICLE

gro u p s of e m p loyers unit e m p lo y ed , would con stitu te the
tribunal or council ot the building industry in Philadelphia.
T h e plan purposes the establish m ent of a central bureau
tkrougl ll W hie hL vol untai ily a ll const]ruction program s m the
shoi ild b e cdeart id , incl tiding nation al, S ta te,
te rn t oxy
m uuici pul and pri vate wor k . T h e report also says:
W ith thorcHigh i-•g o p e ration <of unit >ns with ejmployers and the dev el opment
o f the old guild spirit., which lends to give. a man pride in the quantity and
quality of his work, there ii the possibility o f increasing production ami,
by thebe means o f maintaining high wages yet With a resultant lowering o f
costs. Lower labor costs means more building and more continuous
em ploym ent for the worker.
M any union i ules are absolutely wrong and uneconomical. M any unions
have exceeded the limits o f fai/ness, and partly because o f the leaders' lack
o f appreciation o f the fundamental need for high production, have form u
lated by-law s, and in individual c < v , have formulated demands that have
been a tremendous factor, directly or indirectly, in the restriction o f output.
This has resulted in increase in cost and reduction in the demand for building,
it represents in fact, out o f the great soun.es o f waste in the building
industry. This policy has reacted, resulting in widespread opposition to
unions. In fact, som e o f the most successful building contractors employ
uon-union labor because o f their opposition to unjust union rules and
requirements
It must be recognized that the unions are by no means alone in their
restriction o f output
The contractors and builders and supply dealers
affect the situation to as great a degree indirectly by maintenance o f high
prices, collusion in bidding, and unfair practices. Collusion between
unions and employers also has sometimes raised prices unduly.
One o f the greatest fundamental causes for low output is the fact that all
mem bers o f unions in the same trade are paid the same wage. There
is no Incentive. As a result o f records made by the authors on actual
construction work, it was found that in the building trades on every job
there are usually a few men who do one-third more work than the average
m an on this same job . These men also do better work. Is it fair to these
g o o d men for them to receive the same wage as the others?
R estriction o f apprentices in m any cases is extreme and unfair. Over
time and travel rules, also, tend to increase building costs unduly.
M an y unions at the present time have in their by-laws no requirements
for restricting output, contrary to good principles. A potent source o f
labor waste is tho jurisdictional practice which distributes certain types of
work to different trades, frequently without regard to expense.

E n o rm o u s losses are suffered through accidents, the
$ 3 0 ,0 0 0 ,0 0 0 paid yearly to insurance com pan ies for c o m 
p en sation and liability insurance by no m eans representing
the to ta l lo st, according to the rep o rt, which ad d s:
In the opinion o f one o f the best authorities in the country the actual cost
o f insurance represents not more than 25% o f the total econom ic loss,
which brings the total cost due to accidents in the vicinity o f $120,000,000
per year, a staggering total.

T h e rep o rt, w hich says th at b o th G o v ern m en t and S tate
records were found sadly at fau lt in q u a n tity , kind and accu
racy of d a ta , concludes:
T h e m ost encouraging feature in the building industry to-day is the action
o f a few o f the builders and a few groups o f buiIding trade workmen in making
intensive studies o f the causes and remedies for irregular em ploym ent and
haphazard conditions o f w ork. A long with this is the growing appreciation
on the part o f both labor and management that to build m ore buildings and
maintain high wages, it is necessary to attain greater and greater productive
capacity per man.
T hey see as p roof o f these facts that the 1921 depression was caused and
extended by to o high costs o f all products, and that business, either in
m anufacturing or in building industries, is im proving only as the costs o f
material and the cost o f labor are reducing. All are recognizing, in fact,
that no progress can be made w ithout paying greater and greater attention
to the elimination o f waste.
N ever in the history o f our country was it so im portant that certain
fundamental principles , o f econom ics— principles which are not mere
theories, bu t are based positively on facts— should be accepted and estab
lished as a working program. These prinepiles will throw overboard the
fallacy that restricting production can make work go further, and will
supplant this with the knowledge to get one m ust give, that to receive the
'equivalent must be given in m oney or in time or in effort, and that increased
returns can only be attained through increased production.

In ad d ition to M r . C h an n in g and M r . W a lla c e , the
C o m m itte e on E lim in a tio n of W a s te in In d u stry is com posed
of L . P . A lfo rd of N e w Y o r k ; G eorge D . B a b c o c k of P eoria,
111.; F . G . C o b u rn , P hiladelphia; M o rris L . C o o k e , P h ila
delphia; H a rin g to n E m erso n , N e w Y o r k ; Ira N . H o llis,
W o rc e ste r, M a s s .; E . E . H u n t, N e w Y o r k ; C . E . K n o ep p el,
N e w Y o r k ; R ob ert L in to n , B u tte , M o n t .; F red J . M ille r .
N e w Y o r k ; R . H . V . Sc heel, P assaic, N . J .; J . H . W illia m s,
N e w Y o r k ; R obert B . W o l f , N e w Y o r k , and W illia m R .
B a sset of N e w Y o r k .

HERBERT

HOOVER O N P R E S ID E N T
E CO N O M IC PROGRAM .

H A R D IN G 'S

In p ointin g out th a t “ the whole ad m in istration is giving
its every energy to the rem oval of the great burdens upon
com m erce and in d u stry and to aid in recovery where the
G o v e rn m e n t can properly a s s is t,” H erbert H o o v e r, Secretary
o f C o m m erce, outlined as follow s, on July 15, the “ great
econom ic p ro gram ” of President H ard in g:
1.
2.
3.
4.
5.
6.
7.
$.
3.

The
The
The
The
The
The
The
The
Tho

revision o f our system .
reduction o f governm ental expenditure.
settlement o f the tariff.
reorganization o f the Federal machinery for more efficient service.
reorganization o f our merantile marine.
refunding o f foreign loans.
rolief o f the world, from armament.
assistance to exporters o f our com modities.
upbuilding and safeguarding o f our foreign commerce.

[ V ol.

113.

10. The assistance to our farmers through supplement to the normal
banking machinery, by mobilization o f private credit to take care o f cattle,
cotton, and other com m odities distressed through shifts in world conditions.
11 T he expeditious settlement o f the obligations o f the Government to
the railways in order that they may quickly resume normal employment
and enlarged maintenance and betterm ent expenditures.
12 . Encouragement to development o f our great power resources, the
system atic elimination o f wastes in production, research and education
upon improvem ents in our processes o f production and distribution. We
must look forward to a readjustment o f railway rates that will give relief
to our producers

Secretary H o o v e r’s sta tem en t as above w as m ad e before
the N ational A ssociation of R eal E sta te B oards in C h ica g o ,
and in su bm ittin g President H ard in g’ s program he said:
In all these things the G overnm ent is using sanity and caution that this
may indeed be a real period o f reconstruction. W e will hold steadfastly
to the vision that looks to the removal o f obstructions to the recovery o f
com m erce and to aids to its im provem ent and not to those proposals that
would enter the Governm ent into business itself.
Even if the Governm ent succeeds in successfully removing every ob 
struction to which it is a party, then recovery itself must rest on the initiative,
the courage, the hard work o f our people themselves. N o one w ho know
the history o f a single decade o f America can be gloom y over tho certainty
o f our rapid recovery and our progress to prosperity.

Secretary H o o v e r referred to the present as “ the fou rteen th
industrial depression we have suffered since the C ivil W a r ”
and ad d ed:
We have com e through the thirteen others all right. W e have to-day
greater resources and no less courage, skill, or intelligence than when we met
these disasters before. W e do have tw o forces working in the country o f a
quality never experienced hitherto. First, we have now a proved financial
system that has saved us from the terrible destruction o f a monetary panic
that would otherwise have accompanied so trem endous a fall in values.
Second, we havo a higher sense o f service, a wider-spread willingness to give
aid to the injured in business. Thousands o f firm s whose cases seemed
helpless m onths ago are on the road to safety.
If we would study the cause o f this depression and the remedies for it,
we should devote our time to the examination o f the econom ic phenomena
o f the war and o f the post-w ar boom . From the war we have the necessity
to recover many losses and to change our productive forces in accordance
with the trem endous econom ic shifts in the world. Spreading over all this,
however, lies tho fact that this depression is to a great degree born o f the
malevolent forces we set in m otion by inflation and by all boom s. It is
in the boom s that we speculate, over-extend our liabilities, slacken down
in effort, lower our efficiency, waste our surplus in riotous living instead of
creation o f new capital, drive our prices to vicious levels, lose our moral and
business balance. We m ust suffer a period o f duress from war and punish
ment for the boom , and only until we rebuild our virtues o f hard work,
frugal living, m ore saving, sober conduct, higher honesty. These things
are trite enough but they are as immutable as history and they are the
only way out. There are a few people who will not accept these hard
facts, who will persist in the notion that they can by various devices avoid
reaping what they have sowed. The resistance o f a few groups o f manu
facturers or dealers to lowering prices to the general level; the resistance o f a
few groups o f workers to accom m odation o f their wage to the decreasing
cost o f living, and the necessity o f a better day’s work; the refusal o f some
people to curtail their extravagance— all just contribute to our undoing.
T hey have to com e into the cold water in th e end. T h ey cannot get more
than their ration o f the total. In the meantime, they delay recovery and
contribute to unemployment among the rest o f us.
However, the vast m ajority o f us have cheerfully accepted the inevitable.
I have records showing that in m ost manufacturing industries efficiency has
increased from 20 to 30% during the past twelve m onths. Our farmers are
making extraordinary efforts. They are economizing in supplies and
machinery, they are making the old things do a little longer, they will
bring in this year’s crop at a m uch less cost than for many years past. Thus
at least 80% o f ourpeople have accepted these homely truths and taken t hose
steps that are primary to overcom e any depression. These people have
adopted that slogan o f give a full measure, which St. Luke announced as
fundamental o f econom ics som e 1900 years ago. That is why I insist we
have turned the corner.
T he purpose and place o f the Government in expediting economic recov
ery is raised in W ashington every hour o f the day. W e are flooded by
econom ic patent medicines that would evade the stern laws o f econom ic
hygiene. T he question o f what th e Governm ent can do becom es in part a
question o f our whole attitude toward social and econom ic questions.
Unless we would destroy individual initiative and drive ourselves straight
into nationalization or paternalism, the Governm ent can not undertake
to reduce or raise wages, to deal in com m odities or fix prices, no matter
how it is cam ouflaged.
T he Governm ent can relieve com m erce o f many unnecessary burdens to
which the Governm ent is a party, and it can, by cooperation with business
and with other Governments, assisting in removing obstructions to recovery.
It can cooperate with the com m unity to point out the way o f progress.

M r . H o o v e r also had something: to say regarding the
housing problem and this w e are referring to to -d a v under
another head.

S E C R E T A R Y OF C O M M E R C E H O O V E R W O U L D D I V E R T
S A V I N G S FOR R E L I E F OF H O U S I N G S H O R T A G E .
A ccord in g to annou ncem ents from W a sh in g to n J u ly 17
Secretary of C om m erce H o o v er has under consideration
plans for relieving the estim ated shortage ol* 1 ,5 0 0 ,0 0 0 hom es
throughout the country through a diversion into hom e build
ing of a greater portion o f the N a tio n ’s $ 2 2 ,0 0 0 ,0 0 0 ,0 0 0
in savings d ep osits.
In an address before the N a tio n a l
A ssociation o f R eal E sta te Boards in C hicago on July 15
Secretary H o o v e r referred to the housing problem as one ot*
the m ost difficult before the entire c o u n in , and said:
I need not recount to you that th e cause o f this critical problem has boon
tho diversion o f our econom ic strength from permanent construction to
m anufacture o f consumable com m odities during and after tho war. In
1910 we averaged about 110 families for each 100 homes and in 1920 about
117 families. This Indicates a shortage o f nearly 1,500.000 homes oxen on
the 1910standard. An equally disturbing fact is that the tentative figures
from the forthcom ing census Indicate that the total number o f homes oxx nisi

J uly JO 1921.|

THE CHRONICLE

493

w.

by the occupiers has steadily decreased, and a B>tal o f nearly 60% o f our
A . SA DO OF BA VINOS H A N K SUCTION OF A . H. A .
population are living as tenants, a larger ratio than many other countries.
OBJECTS TO llERBERT HOOVER'S H O U S I N G
If we are to build up the stability and the happiness o f our people, this is
MU A
just the reverse o f what should happen. Nothing Is worse than an increased
tenantry and landlordism in the country.
I lorborl I loovor’s st&toincnt, given a b o v e , th a t there is
If we make a study o f the suggested remedies for the situation we find
they fall into two gonoral groups first, those that may be worked out by $ 2 2 ,0 0 0 ,0 0 0 ,0 0 0 available For home building in the mutual
individuals or local community action, and, second, those involving the saving's, savings, national and Stato ban k s, building associa
assistance o f the Federal Government. As to the latter, I wish to say defin
itely that the Federal Government has no notion whatever o f going into the tions, trust companion and life insurance companion, is 1 0 0 %
housing business cither directly or indirectly. It will not lix prices nor wrong;, according to W . A . S a d d , President of the Savings
wages. There are, however, three fields in which the Government can be
Bank Division of the Am erican B ankers’ Association.
M r.
o f important assistance.
S
ad
d
,
in
taking
exception
to
Secretary
H
o
o
v
er’s
rem
arks,
First, the Government must as a m atter o f primary duty drive every com 
bination out o f business that attem pts to restrain trade. Second, the sa id :
Government to some degree directly or indirectly controls or obstructs the
The institutions to which M r. Hoover refers have total resources which
flow o f credits and it therefore has a responsibility toward this part o f the are distributed approximately as follows: M utual saving# banks, $6,500,
problem. Third, the Government can and should interest itself in dis 000,000; building associations, $2,500,000,000; savings national banks,
semination o f information, in scientific study o f certain problems in ma estimated., $2,000,000,000; trust companies savings, no data; State bank
terials and m ethods, and in co-operation with the industries to receive savings, no data; life insurance companies, $7,000,000,000.
voluntary reduction in wastes, that the costs o f homes may bo decreased.
Perhaps the two items not now available will make a total o f gross re
In the matter o f credit the Government has considerable responsibility sources approximating M r. H oover’s estimate o f $22,000,000,000, but he
and must take constructive action to rem ove obstacles to which it is a p a rty . is 100% wrong in advising that this is to be regarded as the “ total sum
I do not think you will disagree with me in the statement that the tax-free of money available” for loans to support “ home building.” That amount
security has materially diverted capital that would otherwise be available is not available for home building. N ot over one-half o f it could possibly
for the building industry, and has resulted in increasing interest rates to be tied up in real estate security, and the amount now loaned upon real
hom e builders.
estate security by those institutions cannot be very materially increased
I think you will all agree w ith me that the chief reliance for home building because o f other demands which confront each individual institution.
must be upon our saving institutions. If we examine these institutions, wo
Any person who begins to tinker with the financial structure must ascer
will find that the total sum o f money available o f this type, either in mutual tain (1) the use to which the desired funds are now devoted (for, o f course,
savings banks, building and loan associations, or in savings departments they are not idle); (2) the possible emergencies which m ay yet strain the
o f National or State banks and trust companies, or in the assets o f our liquid resources o f each institution; (3) the ability to divert any bank’s
insurance companies, will all aggregate somewhere about $22,000,000,000. loans and investments into different channels, and (4) that depositors and
If we eliminate the building and loan societies who obviously devote all of loa*n holders desire that their funds shall be directed in particular lines o f
their assets to building and the actual savings banks who devote from 40 to investment which may change according to the ideas and assumed needs
50% of their deposits to this purpose, we will find that the savings depart o f persons who accept no corresponding responsibility for resources.
ments o f the National banks, o f the State banks, o f the trust companies
T o sum up the situation as to housing finance, no proposed remedy is
and o f the insurance companies, which com prise more than one-half the adequate which is not based upon certain truths:
total savings, probably do not loan for home building more than 10 or 15%
(1) Housing will not m ultiply until there is a market for the finished
o f their deposits or savings assets. There has been a tendency during the product.
last few years for the savings o f the people to go in an increased proportion
(2) This is iargely a question o f price, o f willingness to tie up capital
into this latter class o f institution, and to journey thence into commercial in houses rather than in other things, and cannot be effected by any mere
paper, bonds, &c., rather than into home building.
theory o f a certain manufacturers association that a workman can afford
This diversion o f savings money into commercial channels has been a very to pay $8,000 for a cottage because the building will last fifty or one hundred
natural shift to higher rates o f interest in times o f great com m odity move years.
ment. If we examine the forthcom ing census figures we will find that the
(3) M oney and credit are scarce and there are neither billions or millions
average interest paid b y home owners for loans is less than 6 % . However,
available for investment in new construction now.
the regular procession o f an economic depression is first the lowering o f prices
(4) Construction activities cannot be sustained or even stimulated by
and volum e o f production with consequent reduction in amount o f capital reference to house shortage as is often attempted.
needed and a falling rate o f interest. W e should expect this to happen
(5) Until there is a market which will absorb new construction in com peti
•again and interest rates to fall to the reach o f the hom e builder with increased tion with old, building will not revive.
sums available for building.
(6) This is not the time to agitate forcing capital into second mortgage
On the other hand, I believe that we should have a very much m ore stable j investments which confer the right to pay a first mortgage in a large m ajority
econom ic system if we had a more regular proportion o f our savings available o f cases.
to home building. There is, in fact, no other economic fund than our sav
The American Bankers’ Association has given close attention to mortgage
ings institutions from which our hom e building can be safely secured. It loans which bulk so large among assets o f financial institutions and the other
would seem to me, therefore, highly desirable that the amendment proposed funds, endowments and estates imder their charge, but there is a vast
to the Federal Reserve A ct, by which the larger proportion o f the savings difference in loans and all o f these funds are distinctly private in their
deposits o f National banks m ay be used for building purposes, is an advisable nature and cannot be invested under compulsion o f law and in the future
change. There is an ample margin for a great increase in this respect, will be distributed according to econom ic forces which are beyond the
leaving ample proportion o f liquid funds.
reach o f the legislators.
There is another diversion o f savings that I think is worthy o f considera
tion, and that is in the Postal Savings System. In this system the deposits
ure so redeposited as to flow into commercial purposes. It would seem a E X E C U T I V E O R D E R C O - O R D I N A T I N G G O V E R N M E N T
constructive thing if 40 or 50% o f deposits in postal savings banks could be
S A L E S OF S U R P L U S P R O P E R T Y .
diverted to home building as is the case in the savings banks. I am con
A
n
E
xecu
tive order creating a C o-ord inated C entral
vinced that an extension o f the postal savings activities would mobilize a
considerable fund o f hoarded m oney, and b y action such as outlined above C ontrol of G overn m en t purchases and the disposition of
we should increase substantially the available sums for home building. Any G overn m en t surplus p roperty w as issued on July 27 b y
such proposal can be surrounded with the necessary requirements o f local
Ponding the issuance of the order, the
application and perfect safety in investment by filtering the m oney through President H ard in g.
sales
of
G
overn
m
en
t
surplus p rop erty were ordered sus
existing building institutions.
There is in the building matter a service that we have inaugurated in the pended on July 21 b y Charles G . D a w e s, D irector of the
Department o f Commerce, which I believe will commend itself to ail the B u d g et.
M r . D a w e s’ statem en t to the heads of the various
realtors. That is an organized effort to solve certain problems in waste by
organized cooperation with the industry and by scientific investigation G overn m en t dep artm ents said:
through the Department laboratories. The elimination o f waste through a
A large and currently accruing loss to the United States is resulting from
nationwide scientific revision o f the building codes in which strength, unco-ordinated control over the surplus o f the difference departments.
durability and fire resistance o f structures m ay be increased, and yet, with Building material, steel, cement, lumber, furniture, ships, automobiles,
scientific use o f materials, cost m ay be decreased, will naturally be followed textiles, food supplies, buildings, & c., are owned b y the United States and
by a scientific revision o f the fire insurance regulations, so that suitable available for its current use.
materials m ay be more prom ptly utilized and the art o f building more rapidly
In the face o f a large supply on hand, because o f a lack o f a co-ordinated
advanced. The simplification o f the dimensions of material and a study control and system o f survey, with facilities for bringing to the knowledge
directed to standard quality and improved processes o f manufacture o f such o f all departments the requirements o f each, the difference departments
material is in progress. The activities o f various communities in the o f the Government have been buying different classes o f material in the
United States and in foreign nations in development o f the art o f building open market with little recourse to stocks on hand. The cause o f this
are being carefully studied for general circulation to our own poeple.
situation, while it is primarily due to the lack o f co-ordinating machinery
The need o f such an action by the Governm ent has long been recognized. if supervision and control, is aggravated by delay on the part o f the dif
As in the case o f agriculture, where the units o f production are too small to ferent departments in declaring as surplus certain property unnecessary to
maintain private-information services and experimental activities, and their purposes. It is also aggravated by delay in the preparation o f in
yet where the production o f each unit may be vitally affected by the knowl ventories, which are now incomplete.
edge o f im proved m ethods, so in the case o f construction the thousands o f
This office will announce shortly the institution o f the,co-ordinating ma
units o f the building industry have for years asked for current information, chinery by executive order, which will deal with this subject. Pending
scientific research and cooperation through the Government. Such the issuance o f an executive order putting into effect this co-ordinating ma
information if generally used should not only decrease the cost o f erecting chinery it is directed that, except as indicated herein, sales o f Government
buildings but should eliminate waste due to irregulatriies in operation surplus property shall cease and that all selling agencies dealing with the
and duo to inefficient methods o f distribution, and will greatly lower the sale o f Government surplus property be so notified.
cost o f building to all concerned. These are functions o f Government of
This order, however does not apply to transfers o f surplus property from
the finest order those which march through education and cooperation
one department o f Governm ent to another, and it is not intended thereby
o f o u r p e o p le .
to prevent the departments from taking advantage o f any exceptional or
It is chiefly through the hope o f enjoying the ownership o f homo and seasonal opportunities for the sale o f property, especially perishable
independence that the latent energy of the citizenry m ay be called forth. property.
Since 1841 the United States has in its land laws, recognized this great
T h e E xecu tive order divides the country into zones cor
incentive, it has stimulated the building o f rural homes throuh the wide
responding to arm y corps areas for supply purchasing, w ith
distribution of land under the Homestead Acts and through the? distribution
a general purchasing agent for each area, all w orking under
o f credit through the Farm Loan Banks.
M r . D a v is in
During this period o f reconstruction we are talking much o f hard work and a purchasing supervisor in W a sh in g to n .
thrift, but after all it is hope that stimulates initiative and energy, hope of
explanation of it said:
security and hope of advancement which makes a producer out o f the man
This organization is independent o f any department. The order must
who has been saying to himself “ W hat’s the use7” After ah, saving in the
not
create the impression that the War and the N avy departments are being
abstract is a perfunctory process as compared to purposeful saying, and
placed In control o f the organization, because for supply and purchase co
what greater incentive for saving is th ere than for the ownership o f a home,
the possession o f which may change the very physical, mental, and moral ordination purposes the country is divided along the lines o f the present
corps areas o f the Army and some Army and N avy officers may be used in
■ijber o f one s own children?

sums.

494

THE CHRONICLE

it
Experienced men will be selected, irrespective of present department a
status.
The coordination machinery set up by the order does not interfere with
existing departmental authority, save in the matter of co-ordination of
action, which can be accomplished by Executive order alone. There is set
up machinery to facilitate inter-departmental transfers of property. Ne
gotiations between the departments as to the price at which surplus material
is transferred from one to the other are rendered unnecessary by the author
ity given the co-ordinating supply officers in the different corps areas to fix
the price at which the bookkeeping entries incident to such transfers are
made. This co-ordinating machinery will also be concerned in the syslema
tizing of Government purchases,

Thu order to heads of departments and independent
establishments of the Government said:
The territory of the United States is divided into nine areas, corresponduig to the nine army corps areas, and in each area an official shall be selected
who shall be known as the co-ordinator for general supplies for the several
executive departments
Each such officer shall serve under the title co
ordinator.
Each official selected as co-ordinator wid repair to Washington, reporting
on arrival to the Director of the Bureau of the Budget for instructions, lie
will confer with every executive department and independent agency or
establishment having activities involving the disposition of surplus supplies
aud equipment in the area assigned him. Upon arrival in his area he will
locate and Inspect surpluses and accumulations of Government stocks,
regardless of whether or not these stocks have been reported surplus, and
report thereon to any head of a department concerned, as well as to the
Chief Co-ordinator, General Supply, Washington. D. C.
He will keep in general touch with all Government projects in his area,
involving the procurement, transfer or disposal of Government supplies
and equipment. It shall be his duty to see that Government policies are
carried out in regard to the departmental purchase of Government supplies.
He shall have the power to fix the fair market price of surpluses, which price
shall be the determining measure of the transfer of funds on tho books of
the departments incident to the interdepartmental transfer of material.
He is authorized to act in the name of the Chief Co-ordinator, General
Supply, Washington, and postpone any sale of Government property in any
department whatsoever when his investigation shows it is not in the financial
interests of the general Government to permit the sale to be held or to be
continued.
He will submit recommendations to the head of the department con
cerned and to the Chief Co-ordinator, at any time involving practical sug
gestions which he believes would result in economies to the general Gov
ernment .
The order creates the office of Chief Co-ordinator and a general supply
committee and defines their duties.
In each executive department there shall be a Director of Purchases and a
Director of Sales, who shall co-ordinate all activities involving purchases
and sales within their respective departments and be in direct liaison with
the Chief Co-ordinator to whom they shall furnish copies of all their
surplus property reports.

A survey of surplus material, equipment and supplies in
Government possession was ordered by M r. Dawes on July G
with a view to obtaining “ the greatest possible utilization of
property.” The order affected all the departments and
independent establishments of the Government. It directed
that all surplus property found, 4‘for which a specific use
within the current fiscal year is not foreseen,” must be
turned over to the General Supply Committee of the
Treasury.
_____________________
.
REDUCTION IN EXPENDITURES A T POST
OFFICES PL AN NE D .

According to an announcement issued by the Post Office
Department on July 18, plans for the reduction in expendi
tures at Post Offices which will amount to approximately
$5,000,000 out of the $15,000,000 to be saved in postal
expenditures for the current fiscal year, have been under
way for several months. The announcement with regard to
this states that post war readjustment at larger post offices
is to begin at once in accordance with detailed instructions
just sent out to about 10,000 postmasters by First Assistant
Poastmaster General W ork and approved by Postmaster
General Hays. Attention is called to the acute financial
condition of the country and to the urgency of meeting the
desire of the President for economy in public expenditure as
far as possible in the postal service. While aiming at
extravagant and expensive methods which crept in during
and immediately after the war, positive instructions are
given to postmasters to keep constantly in mind that the
service must not be curtailed nor impaired. As to the
reduction which is planned in the expenditures at post offices,
the announcement says:
Careful comparisons of expenditures with the receipts and business
transacted have been made. Business and receipts at many offices doubled
and trebled, incident to the war, and clerical and carrier forces were in
creased accordingly, including extraordinary expenditures for auxiliary and
substitute service, as well as for overtime. The general survoy of postal
conditions shows that while this emergency has long since passed, and with
population and business greatly lessened at many of these larger offices,
there are few that have made any appreciable curtailment in expenditures
or voluntarily surrendered any clerks or carriers. On the other hand, the
general survey shows, expenditures for auxiliary help have continued un
stinted, overtime has apparently been unnecessarily employed, and re
peated requests have been made for additional clerks and carriers.
Postmasters are asked to consider the revision of schedules of clerks and
carriers; the shifting of forces from one section to another, according to the
volume of work, and to arrango the work of the office so as to avoid the
necessity for overtime work as well as to carefully scrutinize all miscellane
ous expenses of their offices.
The work of the Post Office Department consequent upon the war was
enormous. To a greater or less extent, it participated in all othor war
work of the Government. It assisted in the work of the draft; the Liberty

[ V ol. 113

Loans, the Red Cross service; food, tool and labor conservation; the enforce
ment of the alien enemy and espionage laws; and nearly every war activity
placed upon it some share of the burden. Its widely extended organization,
having a representative in every town throughout the country, and its
lolly organized system of communications made it of the utmost value to
othor departments in connection with other activities.
The war is over and these activities have practically ceased. Therefore,
it is only reasonable to expect that the postal service should readjust to
post-war conditions, just as in any other industry, and this alone is the
aim of the surv ey as to postal expenditure. There is no drastic cut in force
contemplated because it is pretty well fixed in the minds of the public
that the postal service was undermanned, if anything, during tho war.
1his was probably due to almost 50% of its work being that not directly
connected with the postal service.
Employees are reminded that Congress lias granted them generous in
creases in salaries. They will be expected to give honest service full eight
hours, and those who are unable or do not have tho inclination to do so
are to be separated from the service. "It must bo understood from the
outset, says the circular of instructions, “ that the Department will not
require anything unreasonable, but that it expects and must receive full
value in the service for the public funds expended.''
Public participation in this effort to save at post offices is suggested by
use of mail receptacles at residences and business houses. Early mailing,
facing of mail, use of precanceled stamps, and simple routing of mail by
heavy users of the mail is urged as an aid to economy as well as in the
quick dispatch of mail.
Postmasters are instructed to report progress, and post office inspectors
win check up on the efforts made.

INQUIRY INTO PARCEL, POSTAL AN D OTHER
BRANCHES OF POST OFFICE DEPARTMENT.

The question of determining whether the pai'cel post sys
tem of the Post Office Department is being operated profit
ably is ono of the objects, it is understood, of the installation
by Postmaster General Hays of a systom of cost accounting.
The latter, it is stated, is being installed with the co-opera
tion of the Joint Congressional Postal Commission and the
assistance of efficiency engineers, in the hope, it is said, of
furnishing the Postmaster General with accurate information
relative to tho profit and loss on each class of business.
Incidentally it is noted that a loss to the Government in
handling parcel post shipments is figured as high as $80,000,000 a year. With regard to tho inquiry which has been
undertaken, the New York “ Times” in a Washington dis
patch July 6 said:
In the Southwest farmers are shipping baled hay by parcel post. In
some cities department stores are using parcel post for their delivery service.
These and other circumstances have made postal officials suspicions that the
service is being conducted at rates cheaper than private business can afford.
The desire of the Post Office Department is to make the parcel post a paying
institution.
W. M. Reay of Chicago, Comptroller of tho International Harvester
Company, has been lent by that organization to investigate the financial
condition of the branch and devise a new system of accounting for it. Post
master General Hays has assigned Rush D. Simmons, Chief Post Office
Inspector, to the joint Postal Commission as an expert to assist in the work
it has undertaken to improve postal conditions generally.
The commission has undertaken also an investigation to determine the
advisability of restoring the pneumatic tube mail service in New York and
other cities. While Postmaster General Mr. Burleson succeeded in having
Congress refuse to appropriate money for its maintenance.

The New York “ Tribune” of July 5 in its account from
Washington regarding the installation of the cost accounting
system by the Postmaster General said in part:
At present the auditor of the Post office Department is a Treasury
official and the accounting system has been shaped on Treasury lines—
excellently designed for the purpose of checking each individual employee
carefully for honesty, but not well designed to afford accurate information
to officials wishing to make adjustments and improvements.
The need for this sort of thing has been demonstrated to the satisfaction
of the Administration by several instances which have been brought to
its attention. For instance, even without the system, it is obvious that the
Government handles certain shipments in the West at a terrific loss. Min
ing companies have discovered that they could effect large savings, in many
sections of the West, by shipping ore by parcel post.
The department is obliged to accept whatever business is offered at the
rates laid down, no matter what the physical difficulties of hauling bulky
shipments over the mountains on some of the Western star routes. Seventy
pounds must be hauled up to 150 miles for 74 cents, and taking up to the
third zone the department must haul 70 pounds up to 300 miles for $1 44.
It requires neither complicated figuring nor a vivid imagination to see
how much the Government loses on such ore shipments, nor is there any
particular desire, at a time when every nreve is being strained for economy
so that taxes may be kept down, to extend a subsidy to these mining cor
porations.
Added to this is another feature, wrhich results in tho fourth-class post
masters doing everything in their power to encourage incoming shipments
because their compensation is computed through postal cancellation. Some
of them have boosted their stipends enormously by inducing concerns in
their communities to use the parcel post on incoming shipments instead of
private carriers.
Turning from the Rocky Mountain section to Newr York, there is some
wonder by post-office officials as to just how the Government comes out in
taking over a considerable fraction of the local deliveries of department
stores. This applies also to Chicago, Philadelphia and other large cities,
though it is estimated that, the Government loses more on the operation
in New York than anywhere else, because of the physical conditions. Small
packages up to ten pounds may bo moved by parcel post for 10 cents.
The parcel post will handle a package weighing fifty pounds in the local
zone for 30 cents, and a maaximum of seventy pounds for 40 cents.
No great rush will be made on changes, for it is believed that considerable
time will be required to get the cost accounting system under way. But
certainly, as a result of it, changes may be expected.
It may turn out that some of the items now suspected pay their ow n \>ay.
but there is confidence that as soon as all the information is in and the
changes made that millions of dollars will be saved the Government , am!
the parcel post made self-supporting.

J

uly

THE CHRONICLE

30 1921.]

U. S. S E N A T O R R E E D D E C L A R E S G O V E R N M E N T I S
T E N D IN G TOWARD DESPOTISM.
United States Senator James A . Reed, speaking before
the M em bers Conference of the Chamber of Commerce at
the Hotel Statler at St. Louis on June 15 on the “ Federal
Licensing of Business,” challenged the attention of business
men as to what was going on in Congress, saying, according
to the St. Louis “ Globe-Dem ocrat” that this Government
was now proceeding toward the worst form of despotism, and
doing it in the form of laws, that history recorded. The
paper quoted says:
Senator Reed launched into a diagnosis o f the bills at present before the
United States Senate affecting business, saying that he had come hero and
asked the opportunity of addressing the meeting for the express purpose of
letting tho business man know the seriousness of the situation. Senator
R eed’s address, in part, follows:

Should Have Control.
I assert as a fundamental proposition that no man is so well qualified to
run a business as the man who created it, and that he should be permitted
to exercise over that business an unrestricted control, always provided that
he does not interfere unjustly with the rights o f others to conduct similar
ventures. Second, that no board or tribunal located in Washington can
conduct successfully even one single business, even though limited in its
locality and scope, as successfully as the private individual.
Let it be understood I am now dealing with private business ventures and
not with those institutions which have always been regarded as quasi-public
in their character. Third, the economic system o f our country is the result
o f natural development. It is in the aggregate the product o f millions of
minds, each o f which, after the study o f a particular situation, has deter
mined that a necessity exists for the particular business about to be entered
upon. M oreover the soundness o f the idea has been tested by experience
and the business not grounded upon sound economic reasons has gone to
failure, while the survivors represent the wise business ventures.
Carrying that a little into detail, the corner grocery cannot exist unless it
serves its customers to an advantage over the large downtown concerns. A
blacksmith shop upon the country highway would not be there if it did not
meet some want o f the community or o f the traveling public. A great
business house could not survive unless it served a portion o f the community
t o their advantage.

Necessity Demonstrated.
The aggregate o f it all is, as I have said, that millions o f minds studying
in detail millions o f propositions, have b y experience demonstrated the
necessity for each particular business venture. Of course, I am speaking
broadly in order to sustain what is intended only as a broad and general
proposition.
W hen, therefore, it is proposed to interfere with this control o f business
by the men who have created it and to transfer that control to the City o f
Washington, it is doomed to inevitable and tragic failure. As I have said,
no one mind can grasp the problems o f a single business of any one o f our
single great cities, and when it is proposed to impose upon a singie mind or
a single commission the control over a business that is scattered throughout
the United States, the problem is beyond human intelligence.

PRESENT VIEWS OF WILLIAM JENNINGS BRYAN ON
AMASSING OF WEALTH—DARWINIAN THEORIES
IN COLLEGES.
As indicating the present views of W illiam Jennings Bryan
toward the possession of wealth, we quote the following from
an address delivered by him before delegates to the Sixth
W orld's Christian Endeavor Convention assembled in
Central Park in this city on July 9:
Can a man earn 83,000 a year and give an equivalent service to society?
I believe he can. Can he amass SI ,003,000 in a lifetime and still return an
equivalent? I believe so. 810,000,000? Yes. 8100,000,000? Yes.
Can a man amass 8500,000,000 in a lifetime and return an equivalent
service? I believe it is possible. I am not willing to set any maximum and
still set a limit on a m an’s possible service to society.
There are two statesmen w'ho rendered service so great that if they col
lected 8500,000,000 they would not have been overpaid. They were
Thomas Jefferson and Abraham Lincoln. But those who have been busy
earning 8500,000,000 have been too busy to collect, those who have been
collecting have been too busy to earn. Those who earn the greatest sums
die before they see the real greatness of their work.

Speaking at the evening session of the convention in the
Seventy-first Regiment Armory, M r. Bryan, according to the
New York “ Times” criticised what he described as the grow
ing ravages of atheism and agnosticism in our colleges and
universities and called upon Christian Endeavor societies
to combat this tendency wherever possible. The following
account of his remarks is taken from the “ T im es.”
In large part, M r. Bryan delivered the same lecture he had given earlier
in the evening in the Old Tent Evangel, at 110th Street and Amsterdam Ave.
He described instances o f the teaching of doctrines bordering on the athe
istic in Bryn M awr, Wellesley, Yale, Columbia, Brown and other colleges
and universities, and asserted that the teaching o f the Darwinian theory was
undermining the religious faith of hundreds of students. H e said that in
one college a census showed that 15% of the Freshmen had discarded the
cardinal principles o f Christianity; 30% of the Juniors and 40 to 45% o f
the Seniors had forgotten the Bible lessons they learned in their Sunday
schools. Speaking of the denial o f some of the principles by these students,
he said:
“ Are you prepared to have your children trade a crowded intellect for a
pure heart and com e back with a swelled head and a shrivelled heart?
T have come to the conclusion that no Christian college ought to allow
anyone to teach in it who does not believe in the Christian religion, and that
Christian taxpayers should demand in the universities and schools supported
by their taxes that if the Christian religion cannot be defended, it must not
be attacked.
“ The need of the world is to get back to God and to the Bible as the Word
o f Clod."
f6 Mr. Bryan said the actual effect of teaching that we are descended from
brutes is to destroy the faith of the boys and girls of the country. Ho told
o f a professor of gfxdogy at Columbia who, he said, was accustomed to tell

495

Ids pupils at the beginning of his lectures that they must Jay aside all they
over had learned In .Sunday school.

F R A N K BO W E RS S U C C E E D W I L L I A M II. E D W A R D S ,
R E S K I N ED, A S I N T E R N A L R E V E N U E COL
LECTOR I N N E W YORK.
Tho nomination of Frank Bowers, of Now York, to be
Collector of Internal Revenue for tho Second District of
Now York, in place of W illiam II. Edwards, resigned, was
confirmed by the United States Senate on July 14. The
nomination was sent to the Senate by President Harding on
July 11. The intention of M r. Edwards to resign was made
known on July 8. M r. Bowers is the Republican leader of
the Twentieth Assem bly District, in this city.
He had
recently been Chief Examiner in the office of President La
Guardia of Iho Board of Aldermen.

TH E T A X PR O G R A M OF T H E C H A M B E R OF C O M M E R C E
OF T HE U N I T E D STATES.

A

general turn-over tax on all business transactions is
recommended to Congress by the Chamber of Commerce of
the United States. The Chamber advocates this form of
sales tax as a part of a general tax program, which it is ad
vancing as the result of a final referendum vote just completed
among the commercial and industrial organizations within
its membership. This referendum is the second taken on
taxation within six months. The program which the Cham 
ber suggests to Congress is as follows:
Repeal o f excess-profits taxes.
Repeal o f war excise taxes, both those on transportation and communica
tion, and those levied in relation to particular businesses.
A tax on all turnovers to bring in such revenues lost through these repeals
as the Government’s necessities require.
Decentralization o f administration o f income taxation.
Ascertainment b y the Government o f any tax based on income before
paym ent.
A court or courts o f tax appeals to be entirely separate and independent of
the Treasury Department.
N et losses and inventory losses in any taxable year to cause redetermina
tion of taxation on income o f the previous year.
An exchange o f property o f a like or similar nature to be considered merely
as a replacement.
Gains realized from the sale o f capital assets to be subject to lower rates
than income received from business or other current activities.
Incom e from any new issues o f securities, which lawfully may be made
subject to Federal tax, to be taxable.
Exemption o f American citizens resident abroad from the American tax
upon income derived abroad and not remitted to the United States.

M ore than 500 business organizations, it is stated, voted
in the referendum just completed. The circular of the
Chamber in which this announcement is made goes on to say:
A preliminary canvass shows that the most general demand, after a
virtually unanimous demand in the previous referendum for repeal of the
excess profits tax, is for repeal o f the taxes on freight and express charges,
passenger fares and puilman charges, and messages— i. e., for an end to the
war excise taxes on transportation and com munication. For repeal of these
excise taxes there were 1,443 votes to 290 votes against.
The various organizations are entitled to from one to ten votes, based on
their membership strength.
The next largest vote is for repeal o f war excise taxes levied in connection
with particular businesses,— i. e., ranging from automobiles and their
accessories, through theatre tickets, beverages, candy, jewelry, insurance,
wearing apparel, musical instruments, & c., to chewing gum.
The excess profits tax and the excise taxes, the removal of which the
Chamber urges, have been estimated to produce more than a billion dollars
in revenue. So far as the Government’s necessities require a replacement of
the revenue lost through these repeals the voting which has just closed
means that the Chamber would have Congress use a tax on all turnovers.
In voting for such a tax the Chamber’s members had an opportunity to
vote for an increase in the income tax on corporations. The result o f the
balloting shows that they decisively preferred the general turnover tax.
The referendum which havS just closed was in effect supplemental to the
referendum taken in the winter on taxation. The earlier referendum was
important in fixing the Chamber’s position upon many questions but it
did not produce a definite result 'with respect to sales taxes. A conclusion
to discussion among the Chamber’s membership on sales taxes has not been
reached, with an unmistakable declaration for a sales tax and with designa
tion o f the general turn-over tax as the type that is widely favored.
On the issue between an increase in the income tax for corporations and a
sales tax, to take the place o f the excess-profits tax, the voting was clearcut in its indication o f the point of view that prevails among the member
organizations. Eleven hundred and seventy votes were castfor the sales
tax, to 108 for an increase in corporate income tax. Technically all o f these
votes cannot be counted in the official canvas but their effect is not lost
since they wore correctly cast upon the questions which followed and which
determined the Chamber’s position.
On the form a sales tax should take, 1,142 votes were cast in favor o f a
tax on turnovers to 395 for a tax on retail sales. On the question as to
which of two forms o f turnover tax should be used, there were 824 votes for
a tax on all turnovers, to 366 for a tax on turnovers only o f goods, wares,
and merchandise.

“ In two respects the Chamber’s present program differs
from the position it originally took ,” says a statement issued
by the Chamber. “ In the referendum of last winter, there
were 1,217 Votes east in favor of excise taxes upon some arti
cles of wide use but not of the first necessity, and 504 against.
There were later some suggestions that a number of organi
zations had erred in marking their ballots, with a result that
they were recorded in favor when thoy were in fact opposed
to such taxes,
However, that may be, the present declara-

490

THE CHRONICLE

tiou for a sales tax of the turnover form leaves no doubt
tliat the Chamber favors a sales tax, and not excise taxes.
The second instance involves the income tax upon gains
from capital assets. Last winter the members of the
Chamber voted that these gains should be allocated over the
period in which they were earned and taxed at the rates of
the several years in the period. At the Chamber's annual
meeting held in April the delegates representing the organi
zation members took the attitude that this would not afford
sufficient relief and that if, in the maintenance of necessary
revenues, such gains are to be treated as income, they should
be properly defined and then subjected to more reasonable
rates, these rates to be lower than on income derived from
business or other current activities.”

R.

B. LOCKE E L E C T E D P R E S I D E N T OF A M Eli I ('AN

I N S T I T U T E OF B A N K I N O .
Robert H. Locke, Manager of the Detroit Branch of the
Federal Reserve Bank of Chicago, was elected President
of the American Institute of Banking at the closing session
of the Institute’s Annual Convention at Minneapolis on
July 22. Carter Talman of Richmond, V a., was elected
Vice-President of the Institute.

OEOROE E. A L L E N R E S I G N S A S E D U C A TI ON A L
DIRECTOR OF A M E R I C A N I N S T I T U T E OF B A N K I N G .
George E. Allen, who resigned as Educational Director of
the American Institute of Banking at the annual meeting
of the organization in Minneapolis on July 20 was presented
with a check of $20,000 in recognition of his work in the
development of the Institute. J. H. Puelioher, President
of the Marshall & Ilsley Bank of Milwaukee made the
presentation in behalf of the members of the Institute,
stating that the gift was a testimonial representing $1,000
for each of M r . Allen’s twenty years of service with the
organization. M r. Allen saw the Institute grow from a
membership of a comparatively few hundred to the more than
forty thousand now enrolled. In the official history of the
Institute M r. Allen is referred to as the pioneer in the field.
The history says in part:

[ V

o l

.

113.

Grand Canyon, it reaches Los Angeles at the same time with the Red
Section, which it joins at San Francisco on Sept. 28.
Haynes MacFadden, Secretary of the Georgia Bankers Association,
states that a special train will be made up in the South to touch such points
as Atlanta, Nashville, Birmingham, New Orleans and the State of Texas,
moving over the A. & W p. L & N ., and Southern Pacific, leaving Atlanta
Sept. 28 and reaching Los Angeles, Saturday, Oct. 1.
The Wisconsin Bankers Association has arranged, as have many of the
other State organizations, a sight-seeing tour to California which will be
run both to and from the Convention. The tour will take in Aberdeen,
South Dakota. Butte, Montana; Spokane and Seattle, Washington;
Portland, Oregon; Shasta Springs, San Francisco and Los Angeles. It
will run over the Chicago Milwaukee and St. Paul Railroad.

DECREASES IN WHOLESALE PRICE S OF
CO MMO DIT IE S I N J U N E .
Wholesale prices in llio United States were generally
lower in June than in the previous month, as shown by
information collected by the U . S. Department of Labor
through the Bureau of Labor Statistics. The Bureau, in
indicating the course of June wholesale prices, in a statement
made public July 19 says:
Of 327 commodities or series of quotations for which comparable data for
May and June were obtained, decreases were recorded for 136 commodities
and increases for 79 commodities. In the case of 112 commodities no
change in the price level was observed in the two months.
Farm products, after the increase of last month, again showed decided
price decreases, the index number dropping from 117 to 113, or nearly 3 % % Fuel declined over 3 1- % from M ay to Juno, while the groups of metals and
house furnishing goods each showed a decrease of approximately 4%*%.
Declines of less than 1% took place among food products, clothing, and
miscellaneous commodities, while no change In the general level occurred
for building materials and chemicals. All commodities, taken in the aggre
gate, decreased about 2 % . Compared with the high peak of prices in
May 1920, the June level showed a decrease of 45H %«
Below are shown the index numbers of wholesale prices in the United
States, by groups of commodities, as computed by the Bureau of Labor
Statistics for the months named. The figures for the last named month
are preliminary and subject to revision. The base used in computing these
index numbers is the average for the calendar year 1913.
In d e x N u m b ers o f W h olesa le P rices by G rou p s o f C om n o d itie s .
(1913 eq u a ls 100)

1920
June
Farm products_____ _____ _________________ 243
Food, &c __________ _____________________ 279
Cloths and clothing_______
Fuel and lighting __________
________ 246
Metals and metal products........ ....... ________ 190
Building m aterials_____________ __ ________ 337
Chemicals and drugs
___
________ 218
House furnishing goods _____ _____ ________ 362
Miscellaneous. _ _ __ _____
________ 247
All commodities. ....................
_______
269

May
117
133
181
194
138

—1921 —
June
113
132
180
187
132

202

202

166
262
151
151

166
250
150
148

He was always an exponent of the educational idea and realized very
early that the survival and growth of the Institute rested on the foundation
of education. He also foresaw that self-government was essential to the
success of the Institute, not only on account of its political attractiveness,
but because he regarded self-government as the most practical method of
cultivating administrative ability. When he began his program was one to
discourage a less versatile man and dishearten a less resourceful one.
Administrators came and went, both in the American Institute of Bank
ing and the American Bankers Association, but he survived them all and
now has the satisfaction of seeing his principal aims achieved. New
captains have come on the ship with regularity and once its ownership
changed hands, but from the very beginning George E. Allen has been the
only pilot .

Comparing prices in June with those o f a year ago, as measured by changes
in the index numbers, it is seen that farm products have declined 53j$>%,
food 5 2 A % , and cloths and clothing 46M % - Building materials show a
decline o f 40% and metals and house furnishing goods a decline of over
30% . Fuel and chemicals were approximately 24% cheaper than in
June o f last year, while commodities classed as miscellaneous and including
important articles not falling within other groups were 39% cheaper.
All commodities, taken together, were 45% cheaper.

The American Bankers’ Association states that while
M r. Allen has resigned as Educational Director of the
American Institute of Banking, he continues as Deputy
Manager of the State Bank Division of the American Bank
ers’ Association, and those of his friends in the American
Institute of Banking who know him well, are not inclined to
believe that he will be content to step entirely aside from the
work he has been doing for so many years.

A decline of only three-tenths of 1 % in the retail cost of
food to the average family occurred in June as compared with
M ay according to the retail food index issued by the United
States Department of Labor through the -Bureau of Labor
Statistics. Details of the retail price changes are given
&s follows in the Bureau’s announcement given out July 19.

A. B. A . CONVENTION T R A I N S .
In announcing that early estimates received from secre
taries of the different State bank associations, and from
Tour Managers of railroad companies, indicate that the Los
Angeles Convention of the American Bankers Association,
from Oct. 3 to 7, inch, will be a big success. The Association
states that the reservations which have already been received
by the Atlantic Seaboard companies show that every seaboard
State will be represented. It is also stated that from the
secretaries of the different Sta^e Bank associations, word
has been received showing that special trains which have
been arranged by many organizations will be well filled
before leaving for Los Angeles. The announcement also
says in part:
On all the special trains the service will be “ de luxe,” an instance being
the arrangements provided by the New York Central which call for 20th
century porter service. The comfort of the delegates will be protected for
the entire trip and special barber-valet and maid service has been arranged.
The equipment of the trains will consist of modern steel drawing room com
partments, dining, club and observation cars, and the tours are considered
as the most complete ever arranged from coast to coast.
Tour A. of the Red Section provided by the New York Central will leave
Grand Central Terminal at 2 p. m. Eastern time, Friday, Sept. 16, and wili
include an extended trip through the Canadian Rockies, arriving at Los
Angeles at 5:30 on Oct. 1 and leaving Los Angeles over the Santa Fe at 2
a. m. Saturday, Oct. 8, arriving at Grand Central, Now York, Thursday,
Oct. 13 at 5:25 p. m. The White Section tour, New York Central, leaves
New York at 2:45 p. m ., Sept. 21, runs through Donvor, Colorado Springs,
Royal Gorge, §*v]t LO-ke City, San Francisco, Yosomito, Del M onte, and the

DECREASE I N RET AIL PRICES OF FOOD.

Prices of 43 food articles are reported to the Bureau of Labor Statistics
e ch month by retail dealers in 51 important cities. From these prices
average prices are made for each article. These average prices are then
“ weighted” according to the quantity of each article consumed in the
average workingman’ s family. From January 1913 to December 1920,
22 articles of food were used in this index, but from January 1921, 43 articles
are included in the index number.
C h an ges in the M o n th .

During the month from M ay 15 1921 to June 15 1921, 26 o f the 4 :
articles on which monthly prices are secured, decreased in jirice as follows
Hens and granulated sugar, 7% ; plate beef and cheese, 6% ; nut margarine
and butter, 5% ; evaporated milk, 4 % ; pork chops oleomargarine, and lard,
3% ; chuck roast, crisco, corn flakes and tea, 2 % ; rib roast, bacon, canned
salmon, fresh milk, bread, macaroni, baked beans, canned tomatoes, coffee
and prunes, 1%. The price of sirloin steak and raisins decreased less than
five-tenths of 1%.
Ten acrticles increased in price during the month from M ay 15 to June 15.
as follows: Potatoes, 23% ; cabbage and oranges, 7% ; strictly fresh eggs,
5% ; flour and bananas, 4 % ; onions, 2 % ; leg o f lamb, and canned peas, 1% .
The price of ham increased less than five-tenths of 1 % .
Prices remained unchanged for round steak, corn meal, rolled oats, cream
o f wheat, rice, navy beans, and canned corn.
C h an ges in O ne

Y ea r.

For the year period June 15 1920 to June 15 1921. the percentage decrease
in all articles of food combined was 34% . The price o f raisins increased
12%. The price of all the other articles decreased as follows: Potatoes.
74%; granulated sugar, 71% ; rice, 53%.; lard, 45%.: crisco, 42% : and
butter, 40% ; strictly fresh eggs and corn meal, 35% : prunes, 34% : flour
and navy beans, 33% ; oleomargarine and onions, 30Vi-: cheese, 29% ;
coffee, 27% ; plate beef, nut margarine, and canned tomatoes, 26% ; chuck
roast and oranges, 22% ; bacon, 20% ; cabbage, 19% ; bread, 17%-: round
steak, pork chops, log o f lamb and hens, 16% : ham, corn flakes and
canned corn, 15%; rib roast and baked beans, 14%% ■sirloin steak. 13% ;
fresh milk, 12%; bananas, 10%>; canned peas. 9%-; evaporated milk, and
tea, 8% ; canned salmon and rolled oats, 6%-; cream of wheat and maca
roni, 1%,

Ju l y

THE CHRONICLE

30 1921.]

Changes Since June 1913.
F o r th e 8-year p eriod , Juno 15 1913 to Juno 15 1921, th o p ercen ta ge
increase in all a rticles o f food , com bin ed was 4 8 % . T h o articles named
sh ow ed Increases as follow s: L eg o f lam b, 8 0 % ; ham and flo u r, 7 9 % ; hens,
7 6 % ; bread, 7 5 % ; p ork ch op s, 6 4 % ; fresh m ilk, 6 1 % ; round steak , 5 8 % ;
b acon , 5 7 % ; corn m eal, 5 5 % ; sirloin steak , 5 4 % ; p otatoes, 5 0 % ; rib roast,
4 8 % ; granulated sugar, 4 7 % ; ch eese, 3 5 % ; ch u ck roast, 3 3 % ; tea . 2 0 % ;
strictly fresh eggs, 2 5 % ; coffee, 2 0 % ; plate beef, 1 6% ; b u tter, 14% ; lard,
3 % ; and rice, 2 % .
T h e index n um ber, based on 1913 as 100, was 145 in M a y , and 144 In
Juno, 1921.
__________________________________

COMPARISON OF EMPLOYMENT AND WAGES IN
SELECTED INDUSTRIES IN JUNE 1921 AND 1920.
Figures made public on July 19 by the United States
Department of Labor, Bureau of Labor Statistics, dealing
with the volum e of em ploym ent in 13 identical establish
ments and in bituminous coal mining show that in June
1921 as compared with June 1920 there were decreases in
the number of persons employed in all industries except
woolen, which shows an increase of 3 .9 % .
A s compared
with M a y 1921, the June 1921 figures for fourteen groups
of industries show that in ten industries there were increases
in the number of persons em ployed, and in four a decrease.
The following is the statement just issued by the Bureau
setting out its comparison of em ploym ent and wages in June:
T h e U . S. D ep artm en t o f L a b or th rou gh th e B ureau o f L a b o r Statistics
received and tabu lated rep orts con cern ing th e vo lu m e o f em p loym en t in
June 1921 fro m represen tative establishm ents in 13 selected m anufacturing
industries and in b itu m in ou s coal m ining.
C om paring th e figu res o f June 1921 w ith th ose o f identical establishm ents
for June 1920, it appears th at th ere w ere decreases in th e num ber o f persons
em p loyed in all indu stries except w oolen , w h ich show s an increase o f 3 .9 % .
T h e m ost im p orta n t decreases are 4 1 .6 % in car building and repairing,
3 9 .6 % in iron and steel and 3 7 .5 % in au tom obiles.
W hen com pared w ith June 1920 th e am ou nt o f th e p ay-rolls in June 1921
show decreases in 13 o f th e 14 industries. T h e one increase reported
— 8 .3 % — appears in th e w oolen in d u stry. T h e largest decreases appearing
during th is p eriod are 6 5 % in iron and steel, 4 7 .7 % in p ap er, 4 0 .6 % in
leather and 39'.7% in au tom obiles.

COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
JUNE 1920 AND JUNE 1921.

Industry.

Number on Pay- ! % of
'No. of Period Roll in June, j In-----------crease
Estab of
or Delish Payments Roll. 1920. 1921. |crease.

Amount of Pay%
of
Roll in June.
ln---------------- crease
or De1920.
1921.
1crease.

Iron and steel. _ 117 'A mo. 184,537 111.540 — 39.6 §13,989,510 §4,896.331—65.0
Automobiles__
47 1 wk. 154,082 96,254—37.5 5,230,496 3,154,773— 39.7
Car building and
repairing____
56 lA mo. 64,965 37,945—41.6 4,084,912 2,515,988— 33.4
Cotton mfg___
60 1 wk. 59.535 59,283 — 0.4 1,411,138 1,041,004'— 26.2
Cotton finishing 17 1 wk. 12,728 12,652 — 0.6
348,345
283,398 — 18.6
Hosiery and un
406,952!— 38.2
658,990
derwear ____
ei 1 wk. 30,978 24,540—20.8
Woolen
52 1 wk. 48,933 50,859! +3.9 1.099,237 1.190,196 +8.3
844,175 — 13.4
Silk___________ 47 2 wks. 20,283 18.9651 — 6.5
975,338
993.799
Men’s clothing. 42 1 wk. 29,750 25,932 — 12.8
780,321— 21.5
Leather
436,173
31 1 wk. 15,653 11,239— 28.2
259,083—40.6
Boots and shoes 82 1 wk. 69,282 60,226— 13.1 1,728,273 1,405,147— 18.7
927,889
Paper making.. 51 1 wk. 30,280 19,796’— 34.6
485,689—47.7
359,952
309,609— 14.0
Cigar manufae’g 54 1 wk. 16,003 15,902 — 0.6
Coal (bitumin’s) 94 A mo. 24,654 23,462 — 4.8 1,861,533 1,460,0271— 21.6
C om p arative data fo r June 1921 and M a y 1921 appear in th e follow in g
table. T h e fig u r e s sh ow th a t in 10 in d u stries th e re w ere increases in th e
n u m ber o f p erson s on th e p a y -roll in June as com p a red w ith M a y and in
4 a decrease. T h e largest increases, 8 .9 % , 7 .2 % and 5 % , are show n in
m en’ s rea d y-m ad e cloth in g , leath er and b itu m in ou s coal, re sp e ctiv e ly . A
d e cre a se o f 5 .7 % app ears in iron and steel and one o f 2 .4 % in car building
and repairing.
W hen com parin g June 1921 w ith M a y 1921, 11 in d u stries sh ow an in
crease in th e am ou nt o f m on ey paid to em p loy ees and 3 sh ow a decrease.
T h e m o st im p orta n t in crea ses are 1 1.8% in coal, 9 .2 % in m en’ s read y
m ade cloth in g and 8 .8 % in leath er. Iron and steel sh ow s a p ercentage
d ecrease o f 1 7 .5 % .

COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS,
M AY 1921 AND JUNE 1921.

IndsVMry.

Number on PayNo. of Period
Roll in
% of
Inc.
EstaJb- of
May
June
or
lish- Payments Roll. 1921. 1921. Dec.

Iron and steel
119 A mo. 118,802
44 1 wk. 93,296
Automobiles __
Car building and
repairing. _
54 Ai mo. 39,276
(lotton manufac. 60 1 wk. 59,293
Cotton finishing 17 1 wk. 12,423
Hosiery and un
derwear
63 1 wk. 25,867
Woolen _
52 1 wk. 49,939
Silk___
47 2 wks. 18,957
Men’s clothing. 44 1 wk. 23,836
Leather__ ..
34 1 wk. 10,867
Boots and shoes 82 1 wk. 58,092
Paper making
52 1 wk. 19,948
Cigar manu/ac’g 56 1 wk. J6,032
Coal fbitumln’s) 91 y2 mo. 21,390

Amount of PayRoll in
May
1921.

% of
Inc.
or
Dec.

June
1921.

111,988 — 5.7 §5,957,985 §4,914,476 —17.5
93,407 + 6,1 3,126,958 3,051,662 — 2.4
38,318 — 2.4
59,283 C— Cl)
12,652 + 1.8

2,545,577
1,030,368
273,334

2,576,481 + 1.2
1,041,004 + 1.0
283,398 + 3.7

+ 2.7
+ 1.8
+ (2)
+ 8.9
+ 7.2
+ 4.7
0A
+1.3
+ 5.0

429,583
1,152,974
856,269
715,599
246,557
1,325,939
472.430
314,164
1.249,629

442,676
1,190,196
844,175
781,567
268.24J
1,418,166
486,817
316,014
1,396.982

26,572
50,859
J8,965
25,968
J1,651
60,837
19,859
16,239
22.467

(1) Decrease of less than .10 of 1% .

+ 3.0
+ 3.2
— 1.4
— 9.2
+ 8.8
+ 7.0
+ 3.0
+ 0.6
+ 11.8

497

o f (line and on o-h a lf for o v e rtim e a fte r eight hours was discontinued by
th roe con cern s.
Increased business depression Is reported throu ghou t
th o Industry. M a n y mills are Idle or op eratin g pari, tim e, due to lack <>f
ord ers. T h e p e r ca p ita earnings fo r June are 12.5% less than those fo r M ay
A u tom obiles: A w age rate d ecrease o f 10% was reported by three plants,
a ffootin g all em ployees In the first plant, 6 5 % o f the. e m p loy ee1) In the second
plan t, and 3 6 % o f th o em p loy ees In th e third plant. One fa c to ry m ade a
7 .2 % d ecrease to 4 0 % o f th o fo rce . W hen com parin g the per capita earn
ings for June w ith th ose for M a y , a decrease o f 2 .5 % is show n.
O ar building and repairing: M ore tim e was worked, durin g th o p ay roll
p eriod and the p e r ca p ita earnings show an Increase o f 3 .7 % when M a y
and Juno figu res are com pared .
C o tto n m a n ufactu rin g: T h e w ages o f all em p loyees in on e plan t were
decreased 8*% % . T h e per ca p ita earnings for Juno show an increase o f I %
when com pared w ith th e per ca p ita earnings for M a y.
C otton finishing: W h en com parin g th e p er ca p ita earnings for M a y and
Juno, an increase o f 1 .8% Is n oted .
H osiery and underwear: An increase o f 10% w as granted b y tw o mills,
a ffectin g 2 5 % o f th e em p loyees in th e first mill and 2 % o f th e em ployees
in th o secon d mill. A d ecrease o f 2 2 K % was rep orted b y on e con cern b u t
the num ber a ffe cte d w as not sta ted . T h e entire fo rc e o f one plan t was
redu ced 10% in w ages, w hile a b o u t 6 6 % o f th e fo rce in an oth er plant was
redu ced 9 A % . E m p loym en t generally w as fairly well m aintained th rou g h 
o u t th e p eriod . An increase o f 0 .3 % is fo u n d , when com parin g per capita
earnings for M a y and June.
W oolen : T h e re w ere no ch an ges in rates o f w ages re p o rte d fo r th is
in d u stry. T h e per capita earnings show an increase o f 1 .3 % when com p a r
ing M a y and June figu res.
Silk: A decrease o f 10% to 5 0 % o f th e fo rce w as rep o rte d b y on e mill.
T h e per capita earnings fo r June are 1 .5 % less th an th ose fo r M a y .
M e n ’s ready-m ade cloth in g: 4 % o f th e m en in on e p la n t w ere g ra n te d
an increase o f 1 0 % . All o f th e m en in an oth er p lan t w ere d ecreased 1 5 % .
In one establishm ent, em p loyees earning o v e r $30 p er w eek had w age
red u ction s ranging from 5 % to 1 0 % . A n increase o f 0 .3 % is sh ow n , w hen
com paring p er capita earnings fo r M a y and June.
Leather: A decrease o f 18% w as rep o rte d b y one tan n ery b u t th e p er
centage o f em ployees a ffe cte d w as n o t stated. 8 5 % o f th e fo rce in one
establishm ent w ere red u ced 1 0% in w ages. W h en p e r cap ita earnings fo r
June are com pared w ith p er cap ita earnings fo r M a y , an increase o f 1 .5 %
is rep orted.
B o o ts and shoes: A n increase o f 11% w as gran ted to 3 % o f th e m en in
one fa cto ry . B usiness con dition s h av e sligh tly im proved and th e p er capita
earnings show an increase o f 2 .1 % w h en M a y and June figu res are com 
pared .
Paper: In on e mill, th e sh op fo rc e w as red u ced 2 0 % in w ages. All
em ployees in an oth er mill had a w age ra te re d u ctio n o f 1 9 % . A 10%
decrease was m ade b y on e establish m en t, a ffectin g 83%. o f th e m en. W hen
com parin g p er capita earnings fo r M a y and June, an increase o f 3 .5 % is
sh o w n .
Cigars: A w age rate d ecrease o f a b o u t 15% w as m ade t o 8 0 % o f th e m en
in on e fa c to ry . A d ecrease o f 1 0 % , a ffe ctin g sh op em p loyees, w as re
p o rte d b y on e establish m en t, w hile 8 0 % o f th e fo rc e in an oth er establish
m en t w ere red u ced 7 % . T h e per capita earnings fo r June are 0 .7 % less
th a n th o se fo r M a y .
B itu m in ou s: A d ecrease in rates o f w ages w as re p o rte d b y th ree mines,
b u t no fu rth e r data w ere fu rn ish ed. T h e entire fo rce s o f tw o mines had
resp e ctiv e w age rate red u ction s o f 2 0 % and 1 5 % . H o w e v e r, th e June
p er capita earnings rep o rte d are 6 .4 % h igh er th an th e p er capita earnings
fo r M a y .
___________________________ ______

ITEMS ABOUT BANKS, TRUST COMPANIES,

&C.

N o sales of bank or trust com pany stocks were made at
the Stock Exchange or at auction this week.
----- ♦----Paul M . W arburg sailed for Europe on the steamer
Aquitania on July 26.
H e plans it is said a visit to his
mother and his brother, M a x W arburg, a Germ an banker.
-------- ♦---------

From the N ew Y ork “ T im es” of July 27 we take the
following:
Suprem e C o u rt J u stice B u rr gran ted an a pp lica tion b y th e Foreign
T ra d e B anking C orp ora tion o f 35 W all Street y e s te rd a y to q uit b u siness in
th e interest o f its cred itors and stock h old ers, pursuan t to a re so lu tio n b y
h olders o f 15,723 o f th e 20,000 shares o f sto ck , represen tin g a capital
o f $2,000,000.
T h e p etition o f th e bank stated th a t th e tota l d e b ts w ere $513,008, and
th at th e corp ora tion h ad su fficie n t assets to p a y th e m and leave a surplu s
fo r th e stock h olders. M o r e than su fficien t cash w as on hand to p a y deposits
o f $107,059, th e p etition said.
D e p u ty A tto rn e y G eneral B eyer asked th e co u rt to p reven t th e d istribu 
tion o f th e assets until claim s b y th e U nited S tates G ov ern m en t and th e
re ce 'v e r o f th e T rian gle Steam ship C om p an y w ere determ ined. A le tte r
Horn U nited States D istrict A tto rn e y H ayw ard , a ttach ed to th e papers,
stated th a t th e U nited States had a claim o f $1,567,216 against th e T riangle
Steam ship C om p an y arising o u t o f th e ch arterin g o f tw en ty w ooden vessels
from th e Shipping B oard, and con ten d ed th a t preferen tial p aym en ts o f
$500,000 w ere m ade to th e F oreign T ra d e B ankm g C orp o ra tio n .
Justice B u rr’s order d oes n ot p erm it th e d istribu tion o f th e assets, bu t
d irects th at all claim s against th e banking co rp o ra tio n be filed b e fo r e
Sept. 10.
.

Reference to the fact that the proposed dissolution of the
com pany, recommended by the directors had been approved
by the stockholders, was made in our issues of June 4 and
June 2 5 .
*

(2) Increase of less than .10 of 1% .

Changes in Wage fiales and Per Capita Earnings.
D uring th e period M a y 15 to June 15 th ere w ere w age ch an ges m ade by
som e o f the establish m en ts in 11 o f th e 14 indu stries.
Iron and steel: All th e men in th ree establish m en ts were red u ced ap
proxim ately 2 1 % in w ages. In 22 plants w age re d u ctio n s o f 2 0 % w ere
rep orted , a ffectin g th e entire fo r c e in 21 plants and 9 4 % o f th e fo rce In th e
remaining plant. E ight m ills rep orted a general wage rate cu t o f 1 5 % .
In one concern th e forem en were reduced 16 2 -3 % in wages, while th e o ffice
force was reduced U ) % . A d ecrease o f I J % , a ffectin g 9 2 % o f th e force,
was reported b y on e plant.
In tw o establish m en ts a d ecrease o f 10%
was m ade, a ffectin g all em ployees in one establishm ent; th e n u m ber o f
em ployees affected in the secon d establishm ent was n ot stated. P aym ent

Augustus C . C orby, Second Vice-President of the M etro
politan Bank of this city, died on July 26. M r . Corby was
sixty years of age. M r . Corby had been connected with the
institution for thirty-five years, and before becoming VicePresident, had served as Cashier of the bank for m any years.
A t the regular m eeting o f the Board o f T rustees o f the
E quitable T ru st Com pany o f N ew York, July 27, Lucian A.
Eddy, Jr., w as appointed a Vice-P resident o f the com pany.
M r. E ddy is a son o f L. A . Eddy, form er President o f the

498

[V ol. 113.

TH E CHRONICLE

Merchants National Bank of Syracuse, N. Y. The new
Vice-President of the Equitable is a hanker of wide experi
ence, having been affiliated with banking houses in the
Wall Street district for fourteen years, specializing in com
mercial paper, lie was also with the Bradstreet organiza
tion for seven years. Mr. Eddy resigns from the firm of
Elkins, Morris & Company of Philadelphia, where he was
manager of that company’s Commercial Paper and Bank
Acceptance Department. A. Seton Post will continue as
Manager of the Madison Avenue office of the Equitable.
This office has become an important factor in the uptown
Wall Street of New York. The office was originally lo
cated at 018 Fifth Avenue, but the growth of Its business
necessitated the move into its own building. This office is
a complete banking institution in itself. It Includes every
department of general banking, trust, foreign exchange and
investment service. The officers of this uptown organiza
tion are: Lucian A. Eddy, Jr., Vice-President; A. Seton
Dost, Manager; ltoland P. Jackson, Assistant Secretary;
Charles A. Fisher, Assistant Manager; E. G. Pratchett, As
sistant Manager Foreign Department. Mr. Eddy will as
sume his duties on Aug. 1.
Michael Dreioer, a director of the Harriman National
Bank of this city, died on July 26. Mr. Dreieer was fiftyfour years of age. Besides his connection with the Harri
man National Bank, he was President of Dreieer & Co., a
director of Park & Tilford, President of the Houbigant Co.,
American Branch, and also President of the Standard Paint
Co.
At a meeting of the Executive Committee of the Board
of Directors on July 25, John A. Terrace was appointed
Manager of the Foreign Department of the Guaranty Trust
Company of New York.
Oliver G. Fessenden, a director of the Chatham & Phoenix
National Bank of this city, died at his home in Stamford,
Conn., on July 20. Mr. Fessenden, who was born at Bockland, Me., in 1855, was formerly Secretary-Treasurer of II.
W. Wheeler & Co., wholesale jewelers of New York, and
also President of the Jewelers’ Protective Association. He
retired from business two years ago on account of failing
health. For the past eight years Mr. Fessenden was a
member of the Board of Finance of Stamford.

pace with the company’s growth and in accordance with tho
plans that were made when the trust company and the Union
National Bank were consolidated last January.
----------- +, ■■

At a meeting of the trustees of the Security Trust Co. of
Bochester, held July 20, extensive additions to and changes
in the building of the institution at the corner of Main and
South Water Streets, that city, were authorized. For a
long time the company has felt the need of larger quarters
for tin* carrying on of its growing business. At the same
meeting the trustees declared an extra dividend of 8%,
payable August 1, and voted to increase the regular quar
terly dividend from 3% to 5%. According to its last state
ment, the Security Trust Co. has resources in its Banking
Department in excess of $15,000,000. In addition, the Trust
Department is administering estates and trusts totaling
approximately $21,000,000, and in its capacity of fiscal
agent the institution has charge of more than $11,000,000
of securities. The officials of the company are James S.
Watson, President; Julius M. Wile, Granger A. Hollister
and Edward Harris, Vice-Presidents; Carl 8. Potter, Secre
tary; Mortimer E. Wile, Treasurer; William H. Stackel,
Trust Officer, and Percival Say ward, Assistant Trust Of
ficer.
.u
A run on the Quarry Savings Bank & Trust Co. of Barre,
Vt., precipitated by unfounded rumors as to the bank’s con
dition, caused the institution to take advantage of the G0day notice law regarding withdrawal of funds, according
to a press dispatch from Barre dated July 20. The next
day (July 20), the dispatch states, conditions at the bank
were normal again. A reward of $1,000, it is said, had been
announced for evidence leading to the conviction of the
person who started the rumor. The dispatch further states
that State Bank Commissioner George B. Carpenter issued
a statement on July 20 asserting that the bank was “abso
lutely sound.”

At the annual meeting of the Board of Trustees of the Meri
den Savings Bank of Meriden, Conn., on July 25, John G.
Nagel, formerly Assistant Treasurer of the institution was
elected Secretary and Treasurer to succeed W. H. Catlin,
who resigned, and Byron R. Gardner was made Assistant
Treasiu-er to fill the vacancy caused by Mr. Nagel’s promo
tion. By virtue of his office, Mr. Nagel becomes a director
and Air. Catlin was elected a trustee and a director. To fill
the other vacancies on the board of directors I. Burton Miller,
F. W . Kilbourne and Dr. D. P. Smith were chosen and
With the opening of a New York office at 291 Broadway E. B. Moss’, Fred P. Fenner and Frank E. Kay were added
in the near future, the Bank of Canton, Ltd., becomes the to the board of trustees. Mr. Nagel, the new Secretary and
first Chinese bank to establish an agency in the United Treasurer, has been connected with the savings bank for
States. The Bank of Canton, Ltd., was established in 1911 thirty years and has served as Assistant Treasurer since
and has a capital of £1,200,000. Its head office is in Hong 1908. Air. Catlin has been connected with the institution
kong, and three of its principal branches are located in for 44 years, having joined the savings bank in 1877 as a book
other strategic commercial centres, Canton, Bangkok and keeper and having served in that capacity till 1890 when he
Shanghai. Ginarn Lao will be the New York agent.
became Secretary and Treasurer. Air. Catlin, who con
tinues as a member of the Board o f T ru stees and a director,
retires
as Secretary and Treasurer because of impaired health.
Stockholders of the Fidelity Union Trust Co. of Newark,
N . J., will have the right up to Aug. 15 next to subscribe on Air. Gardiner the new Assistant Treasurer has been connected
a pro rata basis for new stock of the company at $200 per with the bank for twenty years.
share. The latest reported sale of the institution’s stock in
the open market was at $230 per share. Under resolutions
A third volume in the series of booklets issued by the
adopted by the board of directors at a recent meeting, the First National Bank of Boston is entitled “Hides and Skins
new stock is to be offei’ed to shareholders on the basis of one and the Manufacture of Leather.” Like its predecessors,
share for every twenty shares held by each stockholder. It covering the cotton and the wool industries, this takes up
is provided in the resolutions that of the 9,930 9-10 shares the subject from the viewpoint of the layman, explaining
of new stock, which have been authorized by the stockhold the various processes from the raw skins to the finished
ers, 2,482 29-40 shares shall be offered now, and that share leather. The Bank in its announcement says:
The use of animal skins as covering for man dates back far into an
holders who subscribe for it may, if they wish, pay for it in
and specimens of leather said to have been manufactured in Egypt
two installments— on or before Aug. 15 next and on or before atiquity,
thousand years before the Christian era are on exhibition at a European
Oct. 1 next. Payments in full may be made, however, before museum.
Leather to-day is used for a multitude of purposes, the manufacture of
Aug. 15, or the payment of the second installment may be
boots and shoes being only one of the many uses. The treatment of the
anticipated by the subscribers at any time. Any subscriber skins and the leather differs materially in accordance with the ultimate
who fails to pay either installment at the time when it is due purpose for which the product is to be used. These various processes are
will forfeit his or her subscription rights. Stock certificates covered briefly, as is necessary in so limited a space, but in a manner
which gives the reader a clear idea of the processes and the reasons there
are to be issued for full shares only. For fractional shares for.
scrip will be issued. The privilege of subscribing for the
Part one is concerned with the raw materials, part two with the manu
new stock at $200 per share is open only to stockholders of facture of sole leather, part three with the manufacture of upper-shoe and
dressing
leather, while part four covers the economic distribution of the
record on June 2 last. The increase in the company’s capital industry, price fluctuations, etc.
will bring the total up to $5,250,000. According to the
Copies of the booklet may be obtained by all interested upon application
bank’s latest statement, it now has a surplus and undivided to the ommercial Service Department, The First National Bank of Boston.
profits of more than $2,261,348,
Its deposits amount to
On Aug. 1 we understand the Aletropolit-an Trust Go. of
over $56,000,000, and its tatement shows its assets are more
than $64,000,000. It was explained by President Uzal H. Boston will open for business in new quarters at 21 Milk
McCarter that the new stock is to be issued in order to keep Street. They consist of the street floor and basement of

J uly

30 1921.]

THE CHRONICLE

the building and liavo been oxtonsivoly remodeled to meet
the needs of the bank.
At a meeting o f directors o f the Guaranty Trust Com
pany of Cambridge, Mass., on July 21, Carl T. Whittemore
was elected President to succeed (lie late W oodford Yorxa.
Mr. Whittemore is Treasurer and one o f the active man
agers of the Whittemore Bros. Corporation, manufacturers
of shoe polishes, with a large manufacturing plant in Cam
bridge. This business was established by the Whittemore
family many years ago. Mr. Whittemore represents the
largest stock-holding interest in the trust company. lie is
familiar with its affairs, having been a member of the
Board of Directors from the beginning of the trust company.
The Directors of the latter also elected the present Treas
urer, Lloyd A. Frost, one o f the Vice-Presidents. Mr. Frost
will also retain the office of Treasurer, which he has filled
during the past four years. Augustine J. Daly was elected
Chairman of the Board of Directors. Mr. Daly has been
connected with the trust company since it began business
about ten years ago. He has been active in its manage
ment and is its counsel. Clarence S. Farnum, fo r the past
seven years Paying Teller, has been appointed Assistant
Treasure!-. The policy of this bank has always been to
make it a financial insttiution run solely for the benefit of
Cambridge business men and Cambridge people, devoting
its funds to the purpose of helping out legitimate Cam
bridge enterprise.

499

his son, John S. Quirk, its Cashier, in tlieso column in our
M ay 21 issue. A press dispatch from Tuscola, 111., also
dated. July 22, reports that the Douglas County Grand Jury
on that day returned a total of 185 indictments against
Michael T . Quirk and John S. Quirk. Of these indictments
the dispatch states:

Hlxty-Mlx Indictments charge forgery, fifty-six receiving deposits In an
insolvent bank; thirteen are for perjury, forty for embezzlement and ten
for conspiracy- John 8. Qulrlc the Cashier Is named In seventeen of the
forgery Indictments; Michael 'I'. Quirk, his father, and I‘resident of the bank,
Ihdefendant In forty-five, and four are against John M . Ernst, grain elevator
owner, who Is alleged to have borrowed considerable sums of money from
the bank through John 8. Quirk, without proper security.
John 8, Quirk and Michael Quirk are each named In twenty-eight In
dictments for receiving money in an Insolvent bank.
Twelve of the perjury Indictments name John and one ids brother and
each Is named in five conspiracy charges, Jointly with Ralph P. Ernst,
Frank S. Quirk and James E. Quirk, brothers, aro also named In four of
the conspiracy indictments.
Thirty-five of tho indictmonts for embezzlement aro against John and
five against Michael Quirk. It is further stated in the dispatch that the
Grand Jury reported the shortage in the bank's accounts to be at $5-16,000.

Important developments during the wock in the affairs of
tho failed Michigan Avenue Trust Co. of Chicago (the clos
ing of which was reported in these columns last Saturday,
July 23), as recorded from day to day in the Chicago and
New York daily papers, were the discovery that Waren C.
Spurgin, the President of the institution, had disappeared,
taking with him, as alleged, a large amount of the bank’s
funds; the announcement by George M . Reynolds, VieeChaiman of the Chicago Clearing House, that the loss to the
institution would be more than $1,000,000, and might pos
According to the Indianapolis “ News” of July 25, Stough sibly reach $1,500,000, and the returning of two indictments
ton A. Fletcher, President of the Fletcher-American Na against the missing president in the Cicruit Court alleging
tional Bank of Indianapolis, has disposed of a large part embezzlement and the operation of a confidence game.
of his holdings of the stock of the institution, representing According to the Chicago “ Tribune” of July 25, a meeting
the controlling interest, to a group o f prominent business attended by more than one hundred stockholders and deposi
men of Indianapolis and other cities of Indiana. Mr. Fletch tors of the failed bank, was held on the afternoon of July 24,
er, it is said, still retains a considerable amount of the at which a committee was appointed, composed of the
bank’s stock. He is reported as saying that the controlling Rev. J. Myers, S. H . Adams, Peter Deiter, M ax Guggen
stock of the bank is not now held by any one or two persons heim and Charles Love, to represent the creditors of the
and that by the transfer new and powerful financial in failed bank in further dealings with its officials. Following
terests have been added to the institution. In a statement, the appointment of this committee, the meeting unanimously
which the “ News” prints, Mr. Fletcher explained that he adopted the following resolution. It reads:
That we will permit all of our financial interests in the bank to be handled
was influenced to dispose of this stock in part because of
the committee; and
the fact that the present industrial depression has affected byThat
we will submit all of our financial claims to said committee and
the Midwest Engine Company (o f which company he is abide by their decision as to the amount of money we may receive at any
ven time until the financial condition of the bank shall warrant the ful
President and principal owner) and that he did not wish
payment of our claims.
his outside business in any way to reflect on the bank. The
A special dispatch from Chicago to the New Y ork “ Trib
statement is as fo llo w s:
une,”
dated Thursday, July 28, reports the finding of the
“It is common knowledge that I have invested a large part of my per
sonal worth in the Midwest Engine Company, which, like many other large absconding President in a Southern city,

manufacturing concerns, has had its share of troubles, due to the present
industrial depression.
“While I am of the firm belief that it is a matter of no great time un
til my investment there will be proven entirely sound, nevertheless, I am
unwilling to let any connection that I have with an outside business re
flect in the slightest manner against the bank which has been built up by
generations of my family.
“The men to whom I have given opportunity of coming into partial
ownership of the bank at this time are so well known and their character
and ability so pronounced that their names speak for themselves, and as
sure the community of continuation of the constructive policy heretofore
followed by this bank.”

-------------- ♦-—

=

The State National Bank o f Mattoon, 111., capital $150,000, was placed in voluntary liquidation on May 2, it hav
ing been absorbed by the State Trust and Savings Bank of
Mattoon, 111.
----------♦----------

John C. Partridge, who has been Secretary-Treasurer of
the First Wisconsin Company, of Milwaukee, since its or
ganization in January, 1920, was elected a Vice-President
One of the new stockholders of the Fletcher-American by the Board of Directors at the July meeting. The com
National Bank is James A. Allison, President o f the Alli pany is one of the First Wisconsin group of financial in
son Engineering Co. Speaking for the new stockholders, stitutions, the other two being the First Wisconsin National
Mr. Allison, as reported in the “ News,” sa id :
“We appreciate the opportunity offered to us by Mr. Fletcher. The Bank and the First Wisconsin Trust Company. Three
bank will continue the safe and constructive policy that it has been so other promotions were made by the Directors at the same
successfully operated under for so many years. Following this policy, we time. George A. Patmythes, who was Asst. Secretary, was
shall assist the management of what we consider to be one of the greatest made Secretary; Hugh W. Grove, who was Asst. Treasurer,
hanking institutions of the Central West. We hope and expect that Mr. was made Treasurer, and Milton O. Kaiser, who was Man
Fletcher will continue as president.”
The Fletcher-American National Bank has been controlled ager of Sales, was made Asst. Treasurer. Like Mr. Par
by the Fletcher family, it is understood, ever since the in tridge, they have been with the company since its organiza
stitution was founded by the grandfather of the present tion. About ten years ago Mr. Partridge became a bond
Mr. Fletcher in 1839, the controlling interest having been salesman for the First Savings and Trust Company o f
passed down from father to son. In 1911 the American Milwaukee. During (he time that he has been with the in
National Bank of Indianapolis was consolidated with the stitutions which merged into the First Wisconsin group,
Fletcher National Bank under its present title. No change Mr. Partridge served as Assistant Cashier of the First
is contemplated, we understand, in the personnel of the National Bank, beihg elected to this position in 1915; Man
bank, but seven of the new stockholders are to be added ager of the Bond Department of the First National, being
to the Board of Directors of the institution at a meeting elected in 1917, and Manager of the merged Bond Depart
ment when it united with the Bond Department of the W is
which the “News” states will be held in a few days.
consin
Trust Company in 1919. When the First Wisconsin
------------- *------------ Company, which is the investment securities organization
According to a press dispatch from Richmond, Ind., dated branch o f the First Wisconsin institutions, was organized
July 22, John M . Ernst of Charleston, 111., was arrested on in January, 1920, Mr. Partridge was elected Secretarythat, day for alleged embezzlement and conspiracy to de Treasurer. A h a Vice-President lie will serve with Robert
fraud the Areola State Bank of Areola, 111. W o referred W. Baird, Walter Kasten and H. O. Seymour. Mr. Patmy
to the failure of the Areola State Bank and the subsequent thes and Mr. Kaiser obtained all their bond and banking
arrest of Michael T . Quirk, President of the institution and experience with the First National. Mr. Grove, before go-

500

lay into the First Wisconsin Company was with the W is
consin Trust Company for several years.
-----♦-----*
According to a press dispatch from Minneapolis dated
July 29, the M ontevideo State Bank, at M ontevideo, M inn.,
has been closed. The institution had a capital of $25,000
anil deposits of about $220,000.
The Hartshorne National Bank, Hartshorne, Okla., capi
tal $50,000, has been placed in voluntary liquidation, effec
tive June 22, having been succeeded by the Security State
Bank of Hartshorne.

m

[V ol. 113

T H E C H R O N IC LE

—

—

The Montana Bankers Association will hold its eighteenth
annual convention at Helena, Thursday, Friday and Satur
day, Aug. 4, 5 and 6. A. T. Hibbard, of Helena, is Secre
tary of the Association, and I*. B. Bartley, of Helena, is
President.
At a meeting of the Board of Directors o f the First Na
tional Bank of Denver, Colorado, on July 14. Charles A.
Boettcher was elected a Director to fill a vacancy in the
Board. Mr. Boettcher is President of the Cement Securi
ties Company, Chairman of the Board of the Tramway
Company, and an officer or director in many other cor
porations.
According to the Denver “ Rocky Mountain News” of
July 20, the chief causes of the failure o f the Denver State
Bank, the closing o f which on July 19 was recorded in these
columns last week (July 23) were slow paper and securities
which the Denver Clearing House did not consider su ffi
ciently strong to warrant its support. The institution, it
is said, is owned almost entirely in Omaha. Grant McFerson. the State Banking Commissioner, is reported to have
placed A. B. Olson, a deputy State bank examiner, in
charge of the institution.
The President of the Denver
State Bank is M. V. Mathews, of Omaha, who, we under
stand, owns most of the stock. Tts closing, it is said, fo l
lowed difficulties of a bank in Omaha with which Mr.
Mathews is identified.
The Snyder State Bank, of Snyder, Colo., has closed its
doors, according to a press dispatch from Denver on July
25. The bank had a capital of $10,000 and deposits of about
$50,000. Inability to realize on securities is given as the
reason for the closing.

------- »-------

W illiam Docking, of Lawrence, Kan., has been appointed
Deputy Commissioner in charge of the failed People’s State
Bank of Salina. Kan., according to the Topeka “ Capital” of
July 21. State Bank Commissioner Frank H. Foster is re
ported by the “ Capital” as saying, “ I have every hope that
the People’s State Bank at Salina will be able to open its
doors again in a short while. Tts losses will not exceed
$80,000 at present indications, and may be considerably
less. The men who own the bank are all responsible and
able business men and Commissioner Docking is one of the
best men in the State to undertake the job o f helping to re
organize the bank. He is in Salina now and will go over
the condition of the bank thoroughly before any action is
taken toward reopening.” The closing of the bank on July
IS was referred to in these columns in our issue of last
week, July 23.
A press dispatch from Rosedale, M iss., under date of
July 16, states that the First National Bank of that place
had been closed on tbjat date and its affairs placed in charge
of J. S. W oods, National Bank Examiner of St. Louis, M o.
This action, it is said, followed the discovery that “ dummy
notes” amounting to a little more than $100,000 had been
discounted for the credit of the institution. The dispatch
stated that no one had profited by the transaction, it was
explained in Rosedale, “ the money received being used to
finance the needs of planters and business men of the section
wrho found themselves forced to borrow more than their
"average’ .” The bank has a capital of $125,000 and,
according to a recent statement, deposits of $182,000.
W illiam G. Peterkin has been named receiver for the
Central Bank & Trust Co. of Parkersburg, W. Va., accord
ing to a dispatch dated July 24 to the Associated Press.
The dispatch states that the appointment was made late
on Saturday, July 23, by Judge Walter E. McDougle of the

Wood County Circuit Court, on application of It. J. A. Boreman, with more than 200 persons named as defendants.
The bill of particulars, it is said, states that the company
is insolvent. The Central Bank & Trust Co., it is under
stood, has a capital of $150,000, with surplus and undivided
profits of $00,000 and deposits of approximately $775,000.
Tin* placing of tin1 American National Bank o f Eastland,
Texas (capital $30,000), in voluntary liquidation, effective
Ma.v 10, is announced by the Comptroller of the Currency.
The bank lias bee absorbed by the Security State Bank and
Trust Company of Eastland, Texas.

-------*-------

The Campbell State* Bank of Palestine, Texas (capital
100,000) and the Guaranty State Bank o f Palestine, Texas
(capital $100,000), have been consolidated, effective July 5,
under the title of the Guaranty State Bauk. The Guar
anty State Bank will have total resources of over $1,250,000. It has a capital of $150,000— $50,000 o f new stock
having been issued and prorated to old stockholders at
$100 per share of $100. The consolidated institution also
has surplus and profits o f $90,000. The officers arc: J. 10.
Angly, President; T. M. Campbell, Jr., C. E. Williams, Aclive Vice-Presidents; W. B. Flanagan, 1). M. Hodges, ,T. R.
Cook, O. B. Rogers, C. J. Franco, .Tr., Vice-Presidents; D. S.
Wommaek, Cashier; N. C. Wolverton, C. E. Schnorr, Asst.
Cashiers.
The “ Wall Street Journal” of July 25 prints a press
dispatch from Dallas which states that the Comptroller of
the Currency has issued a charter for the Southwest National
Bank, a new institution, which has been organized, we
understand, to take over the business and good-will of the
Security National Bank of that place. R. W . Higginbotham,
President of the Security National Bank; Lynn P. Talley,
Vice-President, and Sam R. Lawder, Cashier, continue,
according to the dispatch ,as the chief officers and Managing
Committee of the new institution.

-------♦ ------A special dispatch to the Dallas “ News” from Desdemona,
Texas, dated July 25, reports the closing on that day of the
Desdemona State Bank & Trust Co. of Desdemona. The
bank, it is stated, is in the hands of State Bank Examiner
O. L. Thomas. According to the dispatch, the Desdemona
State Bank & Trust Co in May last took over the affairs
of the Guaranty State Bank of Desdemona and was con
sidered “ one of the strongest banks in the oil fields, some
of its stockholders being well-known local capitalists.” The
bank, it is stated, was organized in Sept. 1919 as a private
bank, and was later chartered by the State as a guaranty
fund bank. Before the taking over of the Guaranty State
Bank, we understand, the institution had a capital of $150.000 and deposits of approximately $1,000,000.

------*------

A special press dispatch from Waco, Texas, to the Dal
las “ News,” dated July 22, states that the Comptroller of
the Currency has appointed C. V. McMahan of Waco Re
ceiver and Liquidating Agent of the First National Bank
of Crawford, Texas. The bank, we understand, lias a capi
tal of $30,000 and deposits of about $210,000.
The semi-annual statement of the London Joint City &
M idland Bank, Ltd., as of June 30 1921, compares as follows
with the position shown by the bank on Dee. 31 1920:
Liabilities —
D ee. 31 1920.
Capital paid up_____________________________ £10,859.800
Reserve fund________________________________ 10,859,800
Current, deposit and other accounts (including
balance of profit and loss account)________ 373,267,754
Acceptances and engagements on account of cus27,849,904
tomers
£422,837,268
A s se ts —
Coin, bank and currency notes and balances
with the Bank ofEngland___________________ £62,493,818
Balances with, and cheques in course of collec
tion on, other banks in the United Kingdom,- 7,702,350
Money at call and short notice-------- ------------ 18.492,013
Investments________________________________ 51,766,315
Bids discounted_____
67,671,879
Advances to customers and other accounts__ 189.719,805
Liabilities of customers for acceptances ana en
gagements___________ __________ _____ 27,849,904
Bank premises at headoffice and branches___
3,883,759
Shares of the Belfast Banking Co., Ltd., and

The Clydesdale Bank, Ltd...................

-

30 1921
£10,860,565
10.860.565
371,322,381
16,322.155
£409,365,666
■June

£55,798.300
12.505.988
13.583.701
52,771,530
62,243,295
lSS.393.028
16,322,155
4.489.504
3,258,165
3.257.415
C122,837,258 £409,365,666

J u l y JO

Till) ENGLISH GOLD AND SILVER MARKETS.
W o reprint the following from the w eekly circular of
Sam uel M ontagu & C o. of London, written under date of
July 14 1921:
Bold.
T h e Bank o f England gold reserve against Its note Issue Is £126,55'! ,2 40
as com pared with £126.552,890 last w eek. A fair am ount o f gold cam e on
offer and was as usual taken for Now Y ork . T h e quotation for gold on
T uesday, nam ely, 118s. Id. per fine ounce, was the highest si neo Jan. 5th, Ins 5
when if was fixed at 1 Ms. 10d. per fine ou n ce. G old to the value o f i l l,
087,000 has been received in New Y ork $7,545,000 from M m don, $5,1 17,
000 from France, $1,000,000 from Australia, $225,000 from C olom bia and
$200,000 from U ruguay. Judgm ent was given yesterday in the Chancery
Division on the im portant question as to. whether a holder o f Russian 5%
bonds o f 1906 or deposit notes issued under an ukase o f the late Tsar (dated
Aug. 29 1897) had any claim upon Russian gold rubles deposited in the
Bank o f England. M r. Justice Peterson decided that a holder o f these
securities had no such claim . If remains to bo seen whether the m atter
will be debated in a higher cou rt. M ost o f the gold which m ay com e on
offer in the w orld’s markets will be destined probably for the United States
o f Am erica.
Hence any decision that m ay be made by the legal courts
o f that country with regard to Soviet gold will be awaited w ith special
interest. T h e follow ing are the United K in gdom im ports and exports o f
gold during the m onth o f June 1921:
Im p orts.
E xports.
S w e d e n ____________________________ ___ ____________
£31,700
Netherlands _______
_______
£80,000
West A frica ______________
161,048
Java & other D u tch possessions in the Indian Seas_
______
500,000
United Sfates o f A m erica_______________________
_
4,502,885
R h odesia____________________
162,616
T r a n s v a a l---------------------------------------------------------------4,066,074
______
British In d ia _________________________
507,675
Straits Settlem ents________________________________
13,030
Other countries_____________________________________
8,675
169
T o t a l ______ __________________ __________________ £4,950,818
£5,033,054
T h e Transvaal gold ou tp u t for June 1921 am ounted to 678,490 fine
ounces, as com pared w ith 687,776 fin e ounces for M a y 1921 ancl 715,957
fine ounces for June 1920.
S IL V E R .
The m arket has shown considerable strength during the week, largely
owing to a dem and from China arising out o f the difficulties into which
certain Eastern banking institutions had becom e in volved. U ntil these
are straightened ou t som e stringency in Chinese supplies o f hard cash is
but natural. Trade conditions them selves d o n ot y et seem to warrant
any serious inquiry for rem ittances to the E ast. Am erican silver operators
have not been disposed to let out supplies w ith any freedom , and an apprecia
tion o f the U. S. dollar accentuated their action. F ortunately Continental
and other quarters have provided our m arket with quite substantial
am ounts, and further assistance o f this sort is to be expected. The rise
yesterday to 3 7 M d. for cash and 3 7 H d . for 2 m onths delivery was the
result o f the Indian Bazaars sending bu yin g orders upon a depleted m arket.
These prices were the highest fixed since F eb. 3 and J a n . 28 last, respectively.
The high rate, how ever, evoked sellers from the U nited States. Better
news as to the m onsoon m ay have stim ulated Indian dem a n d . An apprecia
tion in the value o f the U . S. dollar can help in a double way to sustain the
value o f silver. It tends to enhance the cost o f silver sales from that
country, but it also raises the value o f gold, and b y so doing renders gold
shipments from India more likely. Inasm uch as Indian sellers o f gold often
set o ff their gold sales by silver purchases, a dem and is generated for silver
which naturally m ay stim ulate the price.
IN D I A N C U R R E N C Y R E T U R N S .
In Lacs o f Rupees—
June 30.
July 7.
June 22.
___16994
17176
17222
Silver coin and bullion in In d ia ___
___ 6925
7106
7150
Silver coin and bullion out o f India.
G old coin and bullion in In d ia _____
2435
2436
2435
G old coin and bullion out o f In d ia ..
Securities (Indian G ov ern m en t), .
6799
6799
6802
835
835
835
The coinage during the week ending 7th inst. am ounted to 3 lacs o f
rupees. The stock in Shanghai on the 4th inst. consisted o f about 36,700,000 ounces in sycee, 27,000,000 dollars, and 420 silver bars. N o fresh
news has com e to hand. T h e Shanghai exchange is quoted at 3s. 8d. the
tael:
— Bar Silver per oz. slandard- — Bar Gold
Quotations—
Cash.
Two M as.
per oz. Fine.
July 8 __________ ________________3 6 -^ d .
36 M d.
110s. lOd.
July 9 _ __________________________ 3 7 H d .
37d.
July 11____________________
36>|d.
3R $ g d .
112s. lOd.
July 12____________________________37d.
36^d.
113s. 4d.
July 13____________________________37M d.
37 H d .
112s. 9d.
July 14------------------------------------------ 3 W k d .
37 y8a.
113s. 2d.
Average.
37.250d.
112s. 7d.
36.729d.
The silver quotations to -d a y for cash and forw ard delivery are respectively
1
and 1 K d . a bove those fixed a week ago.

E N G L IS H F I N A N C I A L M A R K E T S — PER CABLE.
T he daily closing quotations for securities, & c ., at L ondon,
as reported b y cable, have been as follow s the past week:
London,
Sat.
Mon.
Tuts. Wed.
Thun. F tL
Week E idlng July 29.
July 23. July 25. July 23. July 27. July 28. July 29.
Silver, per oz_ ______
cl. 38
38%
38>4
39
3934
33%
Gold, per fine ounce
. l!43>9d. 114s.8(1. 1 14 >. 1 Od. 1 14s.10d. 114s JOd. l i 5 : .2d.
Consols, 214 por centi.
. . 48 1-16 48 3-16 48%
48 7-16 48M
49 A
British, 5 per cent i ____
88 M
88 %
8834
8834
8834
8834
British,
per cent's HI A
HI %
81H
8134
81 A
81M
French Rente:, (in Party, fr .Holiday 56.50
56.35
56.35
50.30
56.50
French War Loan (in Palis) ,fr_ Holiday 82.70
82.70
82.70
82.70
82.70

T he price of silver in N ew Y o rk on the sam e d ay has been:
Silver in N. Y ., per oz. (cts.):
Domestic
- - 9934
Forel ;n
60 34

IM P O R T S A N D

9934
6134

9934
6134

9934
61H

9934

6234

9934
6134

E X P O R T S FOR J U N E .

T h e Bureau of Statistics at Washington, has issued the
statem ent of the country’s foreign trade for June, and
from it and previous statem ents, wo have prepared the fol
lowing:
T otals for m erchandise, gold and silver for June:
Merchandise.
000s
omitted.

t
Exports.

Impons.

%
%
310.000 108,000
192)
620,377 552, 606
1920
028,370 202,0J5
J910
J018
483,700 260,350
10)7
573,4681 306,623
JO) 6
464.686 245,705
{ Excess of Imports.

501

TH E CHRONICLE

1 9 2 1 .]

Gold.

Excess
Of
Exports.

[
Excess
Ex- \ ImExOf
ports. | ports. Exports ports.

%
%
%
%
%
J 12,000
771 43,842 13.068
1,124
76,77)
5,320 26,765 / 2 1.115 4,1) 6
635,464 82.973 26,J35 56,838 i 2 ,f:os
223,440 2.701 3 J,802 /2 0 .188 8,566
266,845 67.161 01,330 721,175 8,061
208,801 8,3 J2 122,336 /JJ4123 4,611

T ota l for twelve m onths ended June .*{():
M erc h a n d ise.

000*
o r n lfie d .

I

(J old .

p o r ts .

E xcess
0/
E x p o r ts.

E x
p o r ts .

$

1

%

Ex

Im

p o r ts.

$

Im
p o r ts
%

S ilv e r .
E xcess
Of
E x p o r ts

p o r ts.

%

1

E xcess

Ex

'40 *2 I 6 , 5 10,366 3,666,770 2,852,50 133,538 616,110 IT, 12602 52,536
' 10 '20 N, l 08,080 >,233,352 2,87 ),637 166,121 150,510 315,880 170,037
'I S ’ I0 7,232,213 3,00 >.720 1,13 5,663 116,576 62,364 51,212 301,174
' 1 7-’ 13 6,010,717 2,015,655 2,07 1,056 100,852 121,413 6 6 , 130 130,181
'1 i ' 1 l 6,200,0 IS 2,659,3 >5 3,630.603 291 .02 J 077,176 / 685255 78,270
’ 1 1 ’ 16 4,333,1 S3 2. 107.S3 1 2,135,500 00,2 10 10 1.0 0 / 103760 50,701

Im
p o r ts

Of
E x p o r ts

%

l

50,432 16,806
102,000 76,137
78,825 222,340
70,328 68,853
35,003 4 3,276
34.5)1 2 >J 17

PUBLIC DEBT STATEMENT OF UNITED
MAY 31 1921.

STATES

T he statem ent of the public d eb tan d Treasury cash holdings
of (ho U nited States as officially issued for M a y 31 1 921,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, wo append a sum m ary thereof, com 
parison being m ade with the sam e date in 1920.
CASH AVAILABLE TO PAY M ATU RIN G OBLIGATIONS.
May 31 ’ 21. May 31 ’20.
Balance end of month by daily statement, & c ._________ 8244,565,952 $201,868,990
Deduct— Excess disbursements over receipts belated Items 13,336,852
17,234,515
Deduct outstanding obligations—
Treasury warrants.............. ........................... ...................
Matured interest obligations_________ _________ _____
Disbursing officers’ checks____________________ _____ _
Discount accrued on War Savings certificates________

8231,229,100 8184,034,475
$3,903,770
94,981,731
79,685,859
99,850,610

813,761,262
93,742,714
140,199,779
72,162,285

T otal___ _______ ________________________ ________ 8278,421,970 S319,866,040
Deficit_______________________________________ ................ 847,192,870 8135,231,565
IN TEREST-BEARIN G DEBT OUTSTANDING.
I merestM ay 31 1921. May 31 1920.
Title of Loan—
Payable.
8
599,724 ,050
2s, Consols of 1930__________________________ Q.-J.
599,724,050
118,489,900
118,489 ,900
4s, Loan of 1925____________________________ Q.-F.
48,954 ,180
Panama [2s of 1916-36_____________________ Q.-F.
48,954,180
25,947 ,400
Canal ]2s of 1918-38_____________________ Q.-F.
25,947,400
Loan
(,3s of 1961 ____ ____________________ Q.-M .
50,000 ,000
50,000,000
28,894 ,500
3s, Conversion bonds________________________Q.-J.
28,894,500
4^4 to 6s, certificates of indebtedness__________ J.-J. 2,572,219 ,000 2,836,566,500
528,372,555
2.s, certificates of indebtedness_______________ J.-J.
f259,729 ,450
3%s, First Liberty Loan____________________ J.-D . 1,410,074 ,250 1.410.074.400
4s, First Liberty Loan, converted___________ J.-D.
19,837 ,050
96,699,450
518,875 ,750
4>4s, First Liberty Loan, converted_________ J.-D.
442,276,250
4)4s, First Liberty Loan, second converted._J.-D.
3,492 ,150
3,492,150
4s, Second Liberty Loan___________________ M -N .
293,466,950
87,208 .700
4)4s. Second Liberty Loan, converted______ M .-N . 3,229,912 ,400 3,016,055,900
4)4s, Third Liberty Loan___________________ M .-S. 3.643,263 ,150 3.678.173.400
4)4s, Fourth Liberty Loan__________________ A.-O. 6,356,594 ,750 6,413,747,100
324s, Victory Liberty Loan__________________ J.-D.
661,278 ,5501 4,263,766,035
424s, Victory Liberty Loan__________________ J.-D. aZ, 360,822.,950/
4s, War Sav. & Thrift Stamps, Ser. 1918-20_&_-Mat.
703,369. ,490
840,052,753
2%s, Postal Savings bonds (1st to 16th Series) _J.-J.
11,539,360
11,718 ,240
Aggregate of interest-bearing debt_____________ 23.710,405,910 24,736,292,833
Bearing no interest-----------------------------------------------230,285,263
231,377,787
Matured, interest ceased____________________ _____
8,638,820
2,920,250
Ordinary debt_________________________________ 23,949,329,993 24,970,590.870
Deduct— Treasury balance________________________
*47,192,870
*135,231,565
Total debt------------ ------------------------------------------- 23,996,522,863 25,105,822,435
t Of these totals, $32,854,450 bear various rates of interest.
a Docs not include partial payments received amounting to $14,455.
b On basis of cash receipts and repayments by the Treasurer of the United States.
Note.— Issues of Soldiers' and Sailors’ Civil Relief bonds not included above: total
issue to May 31 1921 was $195,500, of wrhich $141,600 has been retired.
* Deficit, add.

Commercial aixcXIMistnlmtmns
N a t i o n a l B a n k s . — T h e fo llo w in g in fo r m a t io n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rren cy, T reasu ry D e p a r tm e n t:
A P P L IC A T IO N S TO O R G A N IZ E A P P R O V E D .

Capital.
July 20— The M iam i National Bank, M iam i, F la__________________ $150,000
Correspondent, Floyd L . K night, M iam i, F la.
July 21— The First National Bank of Fairmont, N o . C aro________
30,000
Correspondent, J. C . Hubbard, Fairmont, N o . Caro.
July 22— The Farmers National Bank of Sardinia, Ohio___________
30,000
Correspondent, J. Q. M arshall, Sardinia, Ohio.
A P P L IC A T IO N T O C O N V E R T R E C E I V E D .
July 23— The Purdy National Bank, Purdy, M o __________________
Conversion of the Farmers & Merchants Bank of Purdy.
Correspondent, U . S. Lane, Purdy, M o .

25,000

A P P L IC A T IO N T O C O N V E R T A P P R O V E D .
July 21— The First Nat ional Bank of Oneonta, A la ________________
Conversion of the Farmers Savings Bank of Oneonta.
Correspondent, L . Q. Box, Oneonta, A la.

25,000

C H A R T E R IS S U E D .
July 18— 1 1,996, The Southwest National Bank of D allas, T e x a s .2,00 0 ,0 00
President, R . W . Higginbotham; Cashier, Sam R . Lawdcr.
C O R PO R ATE E X IS T E N C E E X T E N D E D .

Until Close of Business
5,936—
5,928—
5,927—
5,949—
5,981—
5,978—

The
The
The
The
The
The

First National Bank of
First National Bank of
Citizens National Bank
First National Bank of
First National Bank of
First National Bank of

Northport, N . Y _____
July 19
W olcott, N . Y ____________ July 22
of Los Angeles, Calif
July 23
Thermopolis, W y o ________July 23
Paulsboro, N . J _______
July 23
Princeton, W is ___________ July 24

1941
1941
1941
1941
1941
1941

Silver

C O R P O R A T E B U S IN E S S R E -E X T E N D E D .
2,545— The First National Bank of Poultney, V t ______________ July 18 1941

Excess
ImOf
ports. Exporu

C H A N G E OF T I T L E .
July 19— 11,069, LaMoure County First National Bank of K ulm , N o . D a k .,
to “ The First National Bank of K u lm .”
V O L U N T A R Y L IQ U I D A T I O N S .
I 1,258- The American National Bank of Eastland, Tex. Capital, $30,000*
Effective M ay 16 1921. Absorbed by the Security State Bank &
Trust C o . of Eastland, Texas.
1 1,064- ThoHarfcshornoNationalBank, ITartshorne.Okla. C a p ita l,$50,000.
Effective Juno 22 1921.
Liquidating Agent, J. E . Lavden,
Uartshorne. Succeeded by the Security State Bank of
Ilartshorne.

$
%
3,627 72,203
6,562 72,146
7,078 5,53 )
5,35)
■AM r,
2,235 6,720
3,182 1,162

50i

T H E CHRONICLE

Canadian Bank Clearings. -The clearings for the week
ending July 21 at Canadian cities, in comparison with the
same week in 1920 show a decrease in the aggregate of 20.7%.

Name of Company.

[V ol. 113
Per
When
Cent. Payable.

M i s c e l l a n e o u s {Concluded),
Bunte Brothers, pref (quar.)
IK
Clinchfleld Coal, common (quar.)__
K
Week ending July 21.
( Colorado Fuel & Iron, pref. (quar )
2
.’learing* at
Consolidated
Gas,
N
Y.
(quar.)
♦IK
Inc. or
2
Continental Guaranty Corp. (quar.)1921.
1919.
1920.
Dec.
1918.
Continental Paper&Bag Mills, com .(qu)
1A
Preferred (quar.) B
Canada IK
t
$
$
*
%
Detroit
Brass
&
Malleable
Wks.(mthly.)
K
Montreal. _
106,543,946 147,777,220 — 27.9 L16,954.513 87,973,944
1damoud Ice & Coal, pref. (quar.) _
iK
i bron t o ____ ______ _
86,989,734 106,644,711 — 18 4 71,310.334 63,362,875
Diem
<
fc
Wing
Paper,
pref.
(quar.)
1K
Winuipeg
+ 0 8 33,156,267 25,287,870
40,790,558 40,475.348
Dow Chemical, com. (quar.)
IK
Vancouver______
13,332,833 L6 539 174 — 17.9 11,453,376 9,434,727
(
ommon
(extra)
_
IK
Ottawa. _
6,815,904 8,775,325 — 223
7,176,981
6,397,281
Preferred (quar.)_________________
Quebec
IK
6,332,840 8,330,038 — 24.0 5,554,510 5,578.569
Dow
Drug
(quar.)
_.
Halifax
1K
4,461,364 3,872,313
3,276,232 5,172,092 — 36.7
Durham Hosiery Mills, pref. (quar.)
St. J oh n .. ___ _
*1K
3,218,395 3,639,327 — 9.1 3,389,480
4,377,677
Edmonds Oil & Ref. Corp. (monthly)2
Hamilton.... ....... .......
6,115,178 7,975,809 — 23.3
5,663,351
4,760,288
IK
Calgary ___________
5,392,600 8,067,647 — 33.2
5,955,167 4,764,143 Emerson Shoe, pref. (quar.).
4
London ____________
2,870,405 3,621,118 — 20.7
2,933,915 2,153,547 Empire City Safe Deposit
2
Eureka Pipe Line (quar.) .
Victoria. . .
2,411,606 4,000,000 — 39.8 2,412,829
1.948,591
i’ all River Gas Works (quar.)
3
Edmonton
4,414,268 4,300,000
3,884,813 2,932,712
+ 2.7
C o .__
♦6
Regina . . _______
3,744,823
4,270,899 — 12.3 3,444.793
2,916,719 l’ rankiin
E xtra________
♦4
Brandon________
766,513
800,000 — 4.2
677,529
449,000
Saskatoon _
1,801,793 2,433,309 — 26.0 2,005,986
1,480,896 Goodrich (B. F.) Co., pref. (quar.)Granite Mills (quar.)
IK
Moose Jaw
l ,469,014
1.555,855 — 5.5
1,518,389
1,234,349 Greelock
(quar.)_
2
Lethbridge .
628,276
650,000 — 3.4
629,810
825,000 Harmony Co.
Mills, pref. (quar.)
IK
Brantford _
1,003,667
1.502,063 — 33.2
819,032
1,079,788
Imperial Oil Corp. (monthly)
1
iorfc w mi a,.
836,701
1,027,084 — 18.6
762,559
729,112
Inland
Steel
(quar)
♦25c.
New Westminster __
652,949
647,918
+ 0.8
506,287
358,370
Intermit. Harvester, pref. (quar.)..
IK
Medicine Hat
347,416
488,883 — 28.9
380,556
410,011
2K
Peterborough
688,214
772,343 1.005,170 — 23.2
563,356 Jefferson & Clearfield Coal & Iron, pref
Lake
of
the
Woods
Milling,
com.
(qu.)
3
Sherbrooke____ _
591,690
1,549,583 — 61.8
767,834
709,217
Preferred (quar).
_____
IK
Kitchener .
i 143,524
1,157,577 — 1.2
790,657
569,504
Lee Rubber & Tire Corp. (quar.) _
50c.
w iodsoi __ ___
4,563,766
5,146,361 — 11.3
1,997,074
1,398,408 IJggett&MyersTob.,
com.&com
B
.(qu.)
♦3
M oncton__
1,247,902 Not incl. in total
Lima Locomotive Works, pref. (quar.)
IK
Kingston______________
799,335 Not incl. in total
Lyman Mills
6
Madison
Safe
Deposit
3
Total Canada________ 306.826,874 387,053,311 — 20.7 288,527,214 233,326,673
Extra ..
1
Manomct Mills (quar.)_
2
Cotton Mills (quar.)
3
Auction Sales.— A m ong other securities, the following, Massachusetts
Shoe, com. (quar.)_
50c.
not usually dealt in at the Stock Exchange, wore recently sold Melville
Preferred (quar.)..
IK
Merchants Refrigerating, com. (quar.)
at auction in N ew Y ork , Boston and Philadelphia:
IK
Preferred (quar.) _
IK
B y M essrs. Adrian H . M uller & Sons, N ew Y ork :
Michigan Drop Forge, com. (monthly).
25c
Shares. Slocks.
$ per sh. Shares. Stocks.
Michigan Stamping, pref. (quar.)___
$ per sh.
IK
40 New Jersey Fire Ins. of New
Monarch Knitting, pref. (quar.)__
50 Hudson Co. Consumers Brew. 2 K
IK
ark, $25 each____________ 19 K 1.000 Alliance Oil & Ref., $5 each_$3001ot Narragansett Mills (quar.)__
2
25 United Confectioners’ Sup
2
1.000 Struthers&Dlxon,Inc.,pf \$125,000 Nashawena Mills (quar.)_____
Nat. Automatic Fire Alarm of Ohio (qu.)
ply Co., $25 each________20
500 8truthers&DixontInc.,comJ lot
IK
National Carbon, pref. (quar.)__
2
B y M essrs. W ise, H obbs & Arnold, Boston:
National Lead, com. (quar.)__ __
IK
Preferred (quar.) .
Shares. Stocks.
$ per sh Shares. Slocks.
$ per sh.
IK
National liefining, common (quar.)___
5 Arlington Mills______________ 92
1 W. L. Douglas Shoe, pref____ 80
IK
100 U. S. Worsted, com., $10 each. 71c.
National Steel Rolling, pref. (quar.)_ _
10 American Glue, common. _____ 112
2
1 Beverly Gas & Electric______ 231
Nonquitt Spinning (quar.).- ______
1 Merrimac Chemical, $50 each- 68
2
Package Machinery, com. (quar.)__
*50c.
B y M essrs. R . L . D a y & C o ., B oston:
Preferred (quar.) _
*1K
Shares. Stocks.
$ per sh. Bonds.
Pennsylvania Coal & Coke (quar.)..
Percent.
$1
Peppered Mfg. .
10 Nashua & Lowell R R __. ____ 102 K 5.000 St. Lawrence Pulp & Lum
4
10 Hood Rubber, pref., ex-div_____82
Pierce, Butler & Pierce Mfg., pf. (qu.)
ber 1st 6s, 1927________________
48
2
3 American Glue, common_______ 112
Pittsburgh Steel, prof. (quar.)..
5.000 Trumbull Public Service
IK
Portland (Maine) Gas Light _
1 right N. H. Fire Insurance____ 22K
1st 6s, 1929.___________________ 75
$1.50
10 New England Investment_______ 43
Pressed Steel Car, pref. (quar.)
5.000 Mohawk Elec. Light &
IK
3 Bates Manufacturing____________ 188K Power 1st 6s, 1940._________
70 Producers & Refiners Corp., pref. (qu.)_ *1K
Pure Oil, com. (quar.) _ . . .
Bonds.
Per cent.
958 Woodward Iron 1st s. f. 5s,
*50c
$8,000 Lehigh Power Secur. 6%
Sagamore Manufacturing (quar.)..
1952, scrip______________________ 65
*10
Sharp Manufacturing (quar.)_________
note, 1927........... ............ ........... 60
*2
Simmons Co., pref. (quar.) .... ......... .
IK
B y M essrs. Barnes & Lofland, Philadelphia:
Smith (A. O.) Corp., pref. (quar.)..
IK
Shares. Slocks.
$ per sh. Shares. Stocks.
Southern
Pipe
Line
(quar.)..
per sh.
2
44 Miners Nat. Bank of Pottsville,
Standard Milling, com. (quar.)__
*2
5 Androscoggin & Kennebec Ry.)
S50 each-___ ________________ 90
Preferred
(quar.)___
1st pref., certf____ _________ |S160
*1K
2
7 Guarantee Trust & Safe Dep___121K 5 Androscoggin & Kennebec R y . } lot
Standard Sanitary Mfg., com. (quar.).10 Belmont Trust, S50 each_______ 50
Preferred (quar.)_________________
2d pref., certf______________ |
IK
4 Phlla. Bourse, com., $50 each.. 4 % $81.60 Andr.&K. Ry. 2d pf. scrip. J
Stewart Mfg., pref. (quar.)__
2
3 East St. Louis & Suburban, com .Sl lot 4 Phoenix Trust of Phila., $50 each 45
Thompson-Starrett Co., pref..
4
15 East St. Louis & Suburban, pref. 8 K 6 Auto Car, Ardmore, Pa________85
Troxel Mfg., pref. (quar.) ___________
IK
Troy Cotton & Woolen Mfg. (quar.)___ *2
16 Grand Rapids Ry., pref_______12 K
33 Germantown Pass. R y ., $50 each 70
18 St. Joseph Ry., L., H. & P., pref. 48K 20 2d & 3d Streets Pass. R y _____ 163
3
Union Cotton Mfg. (quar.)-. _____ 8 Pa. Academy of Fine Arte______ 25 K
U. S. Steel Corp., com. (quar.)_______
Bonds.
IK
35 Penn National Bank__________ 320
Preferred (quar.)_____ ___ _______
S500 Conanicut Yacht Club 1st
IK
10 Pa. Bank & Trust, $50 each_____30
Van Raaltc Co., 1st & 2d pref. (quar.). _ IK
5s, 1936___________________ S100 lot
Wcetamoe Mills (quar.)_________ _ _
IK
White (J. G.) Engineering Corp., pf.(qu)
IK
White
(J.
G.)
&
Co.,
Inc.,
pref.
(quar.).
IK
DIVIDENDS.
White (J. G.) Manage’t Corp., pf. (qu.)
IK

Dividends are now grouped in two separate tables.
In the
first we bring together all the dividends announced the cur
rent week.
Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:

Railroads (Steam).
Buffalo Rochester & Pittsburgh, com__
Preferred____ __________________ _ _
Cleveland & Pittsburgh, spec. guar, (qu.)
Regular guaranteed (quar.)__________
Delaware & Hudson Co. (quar.)________
Del. Lack. & West, (payable in stock)__
Illinois Central (quar.)_________________
Pennsylvania (quar.)______________ ;__

Per
When
Cent. Payable.
1
3
*50c.
*87 Kc

Aug. 15
Aug. 15
Sept . 1
Sept. 1
Sept. 20
♦elOO Aug. 20
*1H Sept. 1
50c. Aug. 31

Street and Electric Railways.
Detroit United Ry. (pay. in stock)____ c2A
Kansas City Pow. & Lt., 1st pf. (mthly.) 66 2-3c
Tampa Electric Co. (quar.)___________ *2'A
Union St. Ry., New Bedford (quar..)___
2
West Penn Rys., pref. (quar.)_________
1A
West Penn Tr. & Wat. Pow., pref. (qu.) 1A
Pref. (acct. accumulated dividends) __ hlH

Sept. 1
Aug. 1
Aug. 15
Aug. 1
Sept.15
Aug. 15
Aug. 15

Trust Companies.
Kings County (quar.)______________ _

Aug.

Miscellaneous.
American Art Works, com. & pref. (qu.)
American Bank Note, pref. (quar.)____
American Brass (quar.)_______________
American Telegraph & Cable (quar.)___
Amer. Tobacco, com. & com. B (quar.)Amer. Water Wks. & Elec., 1st pf. (qu.)
Amparo Mining (quar.)_______________
Bates Manufacturing_________ _ _____ Beacon Oil________________ _________
Berkey & Gay Furniture, pref. (quar.)__
Bethlehem Steel, common (quar.)_____
Common B (quar.)___________ ______
Eight per cent cum. conv. pref. (quar.)
Seven per cent non-cum. pref. (quar.).
Bond & Mortgage Guarantee (quar.)__
Boston Duck____________ ______ ______
Boston Mfg. Co., 1901 pref. (quar.)___
Brompton Pulp & Paper, pref. (quar.)..

2

Books Closed.
Days Inclusive.
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

Holders
Holders
♦Holders
Holders
Holders
Holders
Holders

of
of
of
of
of
of
of

rec.
rec.
rec.
rcc.
rec.
rec.
rec.

Aug. 16
July 20a
Aug. 1
July 21a
Sept. 1
Aug. 1
Aug. 1

to

July 31

1A Oct. 15 Holders of rec.
*1K Oct. 1 ♦Holders of rec.
2
Aug. 15 Holders of rec.
*1 K Sept. 1 ♦Holders of rec.
3
Sept. 1 Holders of rec.
IK Aug. 15 Holders of rec.
2A Aug. 10 Aug. 1 to
6
Aug. 1 Holders of rec.
*3
July 30 ♦Holders of rec.
IK Aug. 1 July 26 to
*1K Oct. 1 ♦Holders of rec.
*1K Oct. 1 ♦Holders of rec.
2
Oct. 1 Holders of rec.
IK Oct. 1 Holders of rec.
4
Aug. 15 Holders of rec.
5
Aug. 1 Holders of rec.
IK Aug. 15 Holders of rec.
IK Aug. 16 Holders of rec.

Sept.
Sept.
July
Aug.
Aug.
Aug.
Aug.
July
July
July
Sept.
Sept.
Sept.
Sept.
Aug.
July
Aug.
July

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

R a ilr o a d s (S team ).

Holders
Holders
♦Holders
♦Holders
♦Holders
♦Holders
♦Holders
Holders

1 July 26

Aug. 1 July 26 to Aug. i
Aug. 15 Holders of rec. Aug. 10
Aug. 25 Holders of rec. Aug. 5a
Sept. 15 ♦Holders of rec. Aug. 11a
Aug. 2 July 29 to Aug. 1
AUg. 15 Holders of rec. Aug. 8
Aug. 15 Holders of rec. Aug. 8
Aug. 1 July 26 to July 31
Allg. 1 Holders of rec. July 26
Aug. 15 Holders of rec. July 31
Allg. 15 Holders of rec. Aug. 5a
Aug. 15 Holders of rec. Aua. 6a
Aug. 15 Holders of rec. Aug. 5a
Aug. 1 July 22 to
Aug. 4
AUg ■ 1 ♦Holders of rec. July 20a
Aug. 16 Holders of rec. July 28
Aug. ) July 27 to Aug. 1
Aug. 6 July 28 to Aug. 7
Aug. 1 Holders of roc. July 15a
Aug. 1 Holders of rec. July 23a
Aug. 1 ♦Holders of rec. July 27
Aug. 1 ♦Holders of rec. July 27
Oct. 1 ♦Holders of rec. Sept. 21
Aug. 1 Holders or rec. July 25a
Aug. 1 Holders of rec. July 19a
Aug. 1 Holders of rec. July 27a
Aug. 15 Holders of rec. July 30
Sept, i ♦Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 10
Aug. 15 Holders of rec. Aug. 8a
Sept, l Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. lf>
Sept. 1 ♦Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 16a
Aug. 1 Holders of rec. July 21a
Aug. 15 Holders of rec. Aug. 10a
Aug. 15 Holders of rec. Aug. 10a
Aug. 2 Holders of rec. July 26a
Aug. 10 Holders of rec. July 26a
Aug. 1 Holders of rec. July 26a
Aug. 1 Holders of rec. July 26a
Aug. 1 July 24 to July 31
Aug. 1 July 24 to July 31
Aug. 1 Holders of rec. July 15a
Sept. 1 Holders-of rec. Aug. 15a
Aug. 1 Holders of rec. July 26
Aug. 1 Holders of rec. July 25a
Aug. 2 Holders of rec. July 26a
Aug. 1 Holders of rec. July 30a
Aug. 1 Holders of rec. July 21a
Sept.30 Holders of rec. Sept. 9
Sept. 15 Holders of rcc. Aug. 19
Aug. 15 Aug. 1 to Aug. 15
Aug. 1 Holders of rcc. July 25
Aug. 2 Holders of rec. July 26a
Sept. 1 ♦Holders of rec. Aug. 20
Aug. 1 ♦Holders of rec. July 23
Aug. 10 Holders of rec. Aug. 6a
Aug. 1 Holders of rec. July 25
Aug. 1 Holders of rec. July 25
Sept. 1 Holders of rcc. Aug. 15
Aug. 1 July 15 to Aug. 1
Aug. 30 Holders of rec. Aug. 9
Aug. 1 ♦Holders of rec. July 25
Sept. 1 ♦Holders of rcc. Aug. 15
Aug. 4 ♦Holders of rec. July 27
Aug. 22 ♦Holders of rec. July 20
Aug. 1 Holders of rec. July 15a
Aug. 15 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 15
Aug. 31 ♦Holders of rec. Aug. 20
Aug. 31 ♦Holders of rec. Aug. 20
Aug. 10 Holders of rec. July 29a
Aug. 10 Holders of rec. July 29a
Aug. 1 Holders of rcc. July 25a
Oct. 1 Holders of rec. Sept. 20
Aug. 1 Holders of rec. July 20a
Aug. 1 ♦Holders of rec. July 28
Aug. 1 Holders of rec. July 27a
Sept.29 Aug. 30 to Aug. 31
Aug. 30
Aug. 2
Sept. 1 Holders of rec. Aug. 18
Aug. 1 Holders of rec. July 27a
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15

Below we give the dividends announced in previous week
and not yet paid. This list does not include dividends
announced this week.
Name of Company.

Name of Company.

Books Closed.
Days Inclusive.

8
8
10a
10a
27a
8
5a
la

30
15
30a
31
10
la
10
25a
25
31
15a
15a
15a
15a
8a
25a
10
31a

Alabama Great Southern, p ref.------------ $1.50 Aug. 18 Holders of rec. July 14
Atchison Topeka & Santa Fe, com. (qu.)
IK Sept. 1 Holders' of rcc. July 29a
Preferred__________________________
2 A Aug. 1 Holders of rec. June 30a
2
Sept. 1 Holders of rec. July 30a
Baltimore & Ohio, preferred----------------Canada Southern_____________ _______
IK Aug. 1 Holders of rcc. July la
2
Aug. 1 Holders of rec. July 20a
Central RR. of New jersey (quar.)------Great Northern, preferred (quar.)--------IK Aug. 1 Holders of rec. July 2a
50c. Aug. 1 July 16 to July 31
Hunt.& Broad Top Mt. RR. & Coal, pf_
Louisvllle & Nashville________________
3K Aug. 10 FAotders of rec. July 12a
Aug. 1 Holders of rec. July 15a
Mahoning Coal RR., common------------- $5
3 A Aug. 1 Holders of rec. July 23a
Nashville Chattanooga & St. Louis------New York Central RR. (quar.)-----------IK AUg. 1 Holders of rec. July la
Norfolk & Western, common (quar.) —
IK Sept. 19 Holders of rec. Aug. 31a
l
Aug. 19 Holders of rec. July 30a
Adjustment preferred (quar.) — ........
Northern Pacific (quar.)---------------------IK Aug. 1 Holders oi rec. July 2a
Pere Marquette RR., prior pref. (qu.)_IK Aug. 1 Holders of rec. July 14a
Pittsburgh & Lake Erie----------------------- $2.50 Allg. 1 Holders of rec. July 15a
Pittsb. & West Va., pref. (quar.)---------IK Aug. 31 Holders of rec. Aug. la
Aug. 11 Holders of rec. July 19a
Reading Co., com. (quar.)------------------ SI
50c. Sept. S Holders of rec.Aug. 23a
First preferred (quar.)........ .................
Street and Electric Railways.
Carolina Power & Light, com. (quar.)..
K Aug. 1
Connecticut Ry. & Ltg.. com. & pf. (au.)
1Vs Aug. 15
Dallas Power & Light, preferred (quar.).
IK AUg. 1
Duquesne Light, pref. (quar.)............ ..
IK Aug. 1
Milwaukee Elec. Ry. & Light, pref. (qu.)
IK Aug. 1
Montreal L., H. & P. Cons, (quar.)----IK AUg. 15
Montreal Tramways (quar.)....................
2K Aug. 1
Philadelphia Co., com. (quar.)............ . 75c. July 30
Philadelphia Co.. 5% pref. (quar.)------- SI.25 Sept. 1
Public Service Investment, pref. (quar.)
IK Aug. 1
3
Aug. 1
Railway & Light Securities, com. & pref.
York Railways, preferred (quar.)-------- 62 Kc July 30
Banks.
American Exchange National (quar.)__.
Bowery (quar.)------------- .-------------------Extra.............. ......................................
Continental................ ..............................
Corn Exchange (auar.)_______________
Grace (W. R.) & Co.’s_______________

July
Aug.
July
July
July
July
July
July
Aug.
July
July
July

15
15
20
1
20a
31a
20
la
10a
15a
13
20a

3K Aug. 1 Holders of rec. July
3
AUg. 1 July 27 to July
5
Aug. \ July 27 to July
3 K Aug. 1 Holders of roe. July
5
Aug, l Holders of rec, July
*4
AUg. 1 ♦Holders of rec. July

21a
81
81
2Su
80a
28

Holders of rec.
Aug. 1 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Uoldeis of tec,
Holders of roc.
Holders of rec.

J uly 30 1921.]

503

TIIIC CHRONICLE
When
Per
Cent. Payable

Nam e o f Com pany.

B anks. (Concluded)
Pacific (quar.)
Ext ra
Twenty-Third Ward

2
2
5

T ru st C om panies.
5
Farmers' Loan & Trust (quar.)
1A
Lincoln (quar.)
U. S. M ortg a ged Trust (stock dividend) ♦c50
M iscellaneous.
Allied Chom. A Dye Corp., com. (q u .)-Allis-Chalmers M fg., com . (qu ar.)------American Bank Note, com. (quar.)
American Cigar, common (quar.)
American C o a l................................- ..........
Amor. Gas & Eloo., prof, (q u a r .)--.........
American Glue, preferred
Am. La Franco Fire E ng.,lno.,com .(qu.)
American Light & Traction, com. (q u .)
Common (payable In common stock)
Preferred (quar ) ..................... ............
American Linen (quar.)...................
American Radiator, common (quar.) —
Preferred (q u a r .)............................. —
American Shipbuilding, com . (quar.) —
Common (extra)........... ..........................
Prefeired (quar.)............... .................. ..
American Soda Fountain (quar.)----------Amer. Sumatra Tobacco, com. (quar.)__
Preferred _................. ..............................
American Tobacco, com . & com. B -----Amer. Vitrified Products, prof. (quar.)_
Amoskeag Manufacturing, com. (quar.)_
Preferred____________________________
Art Metal Construction________________
Art Metal Construction---- --------------------Associated Dry Goods, com. (quar.)-----First preferred (quar.)________ ______
Second preferred (quar.)_____________
Atlantic Refining, prof, (quar.)________
Atlas Powder, preferred (quar.)________
Austin, Nichols & C o., Inc., prof. (qu.)_
Auxiliary Fire Alarm & T el., pref. (quar.)
Barnhart Bros. & Spindler—
First and second preferred (quar.) —
Barnard M fg. (quar.)___________________
Blgelow-Hartford Carpet, com. (quar.)_
Preferred (q u a r .)____________________
Borden C o., com m on___________________
Preferred (quar.)____________________
Preferred (quar.)____________________
Bourne Mills (quar.)___________________
Brill (J. G .) C o., pref. (quar.)_________
Brooklyn Edison (quar.)_______________
Brown Shoe, pref. (quai.) ______________
Buckeye Pipe Line (quar.)_____________
Burn3 Bro3., common (quar.)_________
Preferred (quar.)____________________
Butler Bros, (quar. ) ____________________
By-Products Coke Corp., com. (quar.)_
Canada Cement pref. (quar.)___________
Canadian Converters (quar.)______ ____
Can. General Elec., com . (stock div.)__
Cartier, Inc., preferred (quar.)________
Cedar Rapids M ig. & Power (quar.)__
Chicago W ilm. & Franklin Coal.pf.(qu.)
Chief Consol Mining (quar.)___________
Cities Service, com. (m onthly)________
Pref. and pref. B (m onthly)_________
City Investing, common (quar.)_______
Cleveland Elec. Ilium., 8% pref. (quar.)
Clinchfield Coal Corp., pref. (quar.)-----Columbia Gas & Electric (quar.)______
Commonwealth Edison (quar.)________
Consolidated Cigar, pref. (quar.)_______
Consolidated Utilities, preferred (quar.)_
Consolidation Coal (quar.)_____________
Cosden & C o., com ., no par (quar.)____
Common, par $5 (quar.)_____________
Crucible Steel, common (quar.)________
Cuba Company, preferred______________
Davis Mills (quar.)_____________________
Davoll Mills (quar.)____________________
Deere & Co*., preferred (quar.)_________
Diamond M atch (quar.)_______________
Dodge Steel Pulley, preferred (quar.)__
Dominion Bridge, Ltd. (quar.)________
Dominion Coal, L td., prof, (quar.)_____
Dominion Oil___________________________
Dominion Steel Corp.. pref. (quar.)_____
Durham Hosiery Mills pref. (q u .)______
Eastern M fg., pref. (quar.)______ _____ _
Edison Elcc. Ilium, of Boston (quar.)__
Edison Elec. III. of Brockton (quar.)____
Eiseniohr (Otto) & Bros., com . (quar.)__
Elsenlohr (Otto) & Bros., Inc., pref.(qu.)
Electric Bond A Share, Pref. (qu ar.)___
Elec. Storage Battery, com. & pref. (qu.)
Electrical Securities, prof, (quar.)______
Elgin National Watch (quar.)_________
Elk Basin Con. Petrol, (quar.)..... ...........
Esmond Mills, com m on________________
Preferred (q u a r .)____________________
Eureka Pipe Line (qu ar.)______________
Exchange Buffet Corp. (quar.)________
Fajardo Sugar (qu ar.)__ ______ _______
Famous Players-Lasky Corp., pref. (qu.)
Federal Sugar Refining, com. (quar.)__
Preferred (qu ar.)____________________
Fisher Body Corp., common (quar.)____
Preferred (qu ar.)........... ...................... ..
F t. Worth Power A Light. p rel. (qu ar,).
Franklin (H. H .) M fg., pref. (quar.)__
G alr (Robert) C o., pref. (q u a r.)________
General Asphalt, preferred (q u a r .)_____
General Cigar, common (quar.)________
Preferred (quar.)____________________
Debenture preferred (quar.)_......... ......
General M otors Corp., com. (quar.)____
Preferred (qu
................ ..........
Six per cent debenture stock (q u a r.)..
Seven per cent debenture stock (quar.)

_____

Goseard (H . W .) ( o . pref. (qu ar.)____
Harris Bros. C o., preferred (quar.)_____
Hart, S c h a ffn e r M a r x , common (qu.)
ffodgman Rubber, preferred (q u a r.). . .
Hood Rubber, p r o . (qu ar.).
____
Houston Oil, preferred
Hupp M otor Car Corp., common (quar.)
Idaho Power, pref. (quar.)
Illinois Northern Utilities, pref. (quar.)
Illuminating A Power Secur., pref. (qu.)
Imperial T obacco, Ltd
__ ____
Indiana Pipe Line (quar,)
IngersoD-Rand Co , com n on (quar.).
/nternat. Mercantile Marine, pref______
International Nickel, preferred (quar.)__
Ipswich Mills, pref (quar.)
i ron Prod note, preferred (q uar. ) _______
Po war, Ltd (quar )

$1
1
#1
2
1
lA
4
25c.
1
A
1A
1

«i
IX
lX

2'A
IX

1A
2

3A
p$ 4.75

1H

S I.50
S2.25
15c.
10c.
1
ia

1X

in

IA

IX

*2 A

IX
2
2A
IA
4
VA
m
3
m
2

in

S2
2A
XX

m
*75c.

IX
IX

f20

IX

H
A
♦5c.
l

*ffl X

*9 A
2A
2

IX

1A
2

1' X
1A

IA
62Ac.
12 A c .
1
3A
*1A
*IA

XX

2

IX
2
m

1x

1A
m

*1H

3
2A

IX

xx
1A

3

XX
2

Hooks Closed,
Days fnclmive.

Aug.
A ug.
Aug

1 iiii\ 26
1 July 26
1 July 28

Aug.
Aug.
Aug.

1 i iolders or roc July 21a
1 Holilors of rec July 25 a
1 ♦11elders of roc July 23

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Vug.
Aug.
Aug.
Aug.
Aug.
AUg.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.

1
16
15
!
1
1
1
15
1
J
1
1
30
15
1
1
1

15
1

1
15
1

2

2

30
31
1
1
I
1
1
1
1

1A
$2.50

XX

xx
in

to
to
to

i iolders or roe
l Iolders of rec.
i Iolders of rec
i Iolders of Ioc
July 12
to
Holders of rec
1 1 elders of I ec
Holders of rec.
July 15
to
July 15 to
July 15 t.o
Holders of roc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
July 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of roc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
July 21
to
Holders of rec.
♦Holders of rec.

July 31
July 31
July 31

July
July
AUg.
July
Aug.
J uly
J uly
Aug.
July
July
July
July
Sept.
Aug.
July
July
July
Aug.
July
Aug.
July
July
July
July
July
July
July
Aug.
Aug.
July
July
July
Aug.

15a
25a
la
15a
1
15
10a
2a
28
28
28
23a
15a
la
15
15a
15a
1
15a
15a
23a
31
15a
15a
8a
8a
16a
13a
13a
15a
31
30a
25

Aug. 1 Holders of rec. July 26a
Aug. I Holders of rec. July 18a
Aug. 1 Holders of rec. July 22a
Aug. 1 Holders of rec.'July 22a
Aug. 15 Holders of rec. Aug. la
Sept. 15 Holders of rec. Sept, la
Dec. 15 Holders of rec. Dec. la
Aug. 1 Holders of rec. July 20
to
July 31
Aug. 1 July 24
Sept. 1 Holders of rec. Aug. 19a
Aug. 1 Holders of rec. July 20a
Stpt. 15 Holders of rec. Aug. 23
Aug. 15 Holders of rec. Aug. la
Aug. 1 Holders of rec. July 21a
to Aug. 1
Aug. 1 July 21
Aug. 20 ♦Holders of rec. Aug. 5
Aug. 16 Holders of rec. July 31a
Aug. 15 Holders of rec. July 30
Aug. 1 Holders of rec. Juiy 15
July 30 Holders of rbc. July 15a
Aug. 15 Holders of rec. July 31
Aug. 1 Holders of rec. July 18a
to
July 19
Aug. 1 ♦July 11
Aug. 1 ♦Holders of rec. July 15
Aug. 1 ♦Holders of rec. July 15
Aug. 1 Holders of rec. July 25
Sept. 1 Holders of rec. Aug. 15a
Aug. 1 Holders oi rec. July$26a
Aug. 15 Holders of rec. July 30a
Aug. J Holders of rec. July 15a
Sept. 1 Holders of rec. Aug. 15a
Aug. 1 Holders of rec. July 20
Juiy 30 Holders of rec. July 15a
Aug. 1 Holders of rec. June 30a
Aug. 1 Holders of rec. June 30a
July 30 Holders of rec. July 15
Aug. 1 Holders of rec. June 30a
Sept. 24 ♦Holders of rec. Sept. 10
Oct. 1 ♦Holders of rec. Sept. 24
Sept. 1 Holders of rec. Aug. 15a
Sept. 15 Holders of rec. Aug. 31a
July 31
Aug. 1 July 22 to
Aug. 15 Holders of rec. July 30a
Aug. 1 Holders of rec. July 12
Aug. 1 Holders of rec. July 5
Aug. 1
Aug. 1 July 16 to
Aug. 1 Holders of rec. July s20a
Aug. 1 ♦Holders of rec. July 20
Aug. 1 Holders of rec July 15
Aug. 1 Holders of rec. July 15a
Aug. 15 Holders of rec. Aug. 1
Oct. 1 Holders of rec. Sept. 20
Aug. 1 Holders of rec. July 16
Oct. 1 Holders of rec. Sept. 12a
Aug. 1 Holders of rec. July 20a
Aug. J Holders of rec. July 21a
Aug. 1 ♦Holders of rec. July 20
Aug. J Holders of rec. July 26
Aug. 1 Holders of rec. July 26
Aug. 1 Holders of rec. July 15
July 30 Holders of rec. July 9a
Aug. 1 Holders of rec. July 20a
Aug. 1 Holders of rec. July 15a
Aug. 1 Holders of rec. July 21a
Aug. 1 Holders of rcc. July 21a
Aug. 1 Holders of rec. July 2 la
Aug. 1 Holders of rec. July 21a
Aug. 1 Holders of rec. July 15
Aug. J Holders ol rec. July 20
Aug. 1 July 23
to July 31
Sept. 1 Holders of rec. Aug. 16a
Aug. 1 Holders of rec. July 23a
Sept. 1 Holders of rec. Aug. 25a
Oct. 1 Holders of rec. Sept. 24a
Aug. 1 Holders of rec. July 11a
Aug. 1 Holders of rec. July 11a
Aug. 1 Holders of rec. July 11a
Aug. 1 Holders of rec. July 11a
Sept. 1 Holders of rec. July 30
to
July 31
A Ug. 1 July$26
Aug. 1 ♦Holders of rec. July 11
Aug. 31 Holders of rcc. Aug. 20a
Aug. 1 Holders of rec. July 15a
to
Aug. 1
Aug. ) July 21
Aug. 1 July 21
to July 31
Aug. 1 Holders of roc. July 15a
Aug. 1 Holders of roc. July 18
Aug. 1 July 21$ to
Aug. 1
Aug. 15 Holders of rcc. July 30

* 2 A Aug.
J5
I X July 30
I X Aug. 1
2
Aug. 1
2
Aug. I
I X Aug. 15
2
Aug.

IX

Name of Company.

iIolders
Holders
Holders
Holders
Holders
Holders
Holders

or
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.

July
July
July
July
July
Aug.
July

18
Ha

15a
15a
18a
la
31a

Mbo ellunuoiiM (Cor eluded)
kuwfinuiii) Dept. Stores, com . (quar.)
Kayser (Julius) A Co
First and second preferred (quar.).
Kellogg Switchboard A Supply (quar.)
Kelly Springfield Tire, com. (quar.)
Preferred (quar.)
Kcl ley Wheel ( Jo . pier. (quar.)
Ki tone Vt fttoh <iobo (q u a r)
Kress (8. II.) A C o., common (quar.).
Lancaster Mills, common (quur.)-__
i,roforrod (quai >
helilgh Coal A Navigation (quar,).
Liberty M atch, Inc..
Lima Locomotive, prof. (quar.).
Lincoln Manufacturing (quar.)
Loose-Wiles Biscuit 2d prof. (q u a r ,).—
Lowell Electric Light (quar.)...
Luthor M fg. (quar.)
Martin Parry Corp. (quar.)
Mason Tire A Rubber, prof. (quar.).
Massachusetts Gas Cos., common (qu.)
May Department Stores, com . (quar.) _
Preferred (quar ) ..
- _____ _________
Merchants M fg. (quar.)
------- ---------Miami Copper (quar.)________ - .............
Midwest Refining (quar.)------- ------------E xtia ______________ _________________
Montreal Light, Heat & Power (quar.)_.
Morris Canal & Banking, preferred------( Jonsol ld:i ted slock
_____ _____
Morris Plan Go. of N. Y . (quar.)______
M otor Products Corp., class A (quar.) _
M otor Wheel, preferred (quar.)________
Mullins Body Corp., pref. (quar.)______
Nash Motors, com m on________________
Preferred (quar.)______ ______ ______
National Biscuit common (q u a r .)_____
Preferred (quar.)____________________
National Cloak A Suit, pref. (quar.)____
Nat. Enameling <fc Stamping
Common (quar.)_____________________
Common (quar.)_____________________
Preferred (quar.)____________________
Preferred (quar.)____________________
Nat. Enameling & Stamping, com . (qu.)
National Refining (quar.)______________
National Tea (quar.)___________________
New Jersey Zinc (quar.)_______________
New River C o., preferred______________
New York Shipbuilding (quar.)________
N ova Scotia Steel & Coal com m on______
Ontario Steel Products, com. (quar.)__
Preferred (quar.)____________________ 1
Preferred (quar.)____________________
Preferred (quar.)____________________
Preferred (quar.)_____________ _
Preferred (quar.)____________________
Pacific Gas & Electric, pref. (quar.)____
Pacific Mills (quar.)____________________
Pacific Coast Co., 1st pref. (quar.)____
Pacific Power & Light, pref. (quar.)__
Peerless Truck & M otor, com . (quar.)„..
Common (quar.)____________;________
Penmans, Ltd., com. (quar.)___________
Preferred (quar.)____________________
Penn Traffic______________________ ____
Philadelphia Insulated W ire____________
Phillips-Jones Corporation, pref. (quar.)
Pick (Albert) & C o., com. (quar.)______
Plant (Thomas G.) C o., pref. (quar.)__
Prairie Oil & Gas (quar.)_______ _______
E x tr a ______________________ ____ ____
Prairie Fipe Line (quar.)______ — ______
Procter & Gamble C o., com . (quar.)___
Common (payable in common stock__
Pub. Serv. Corp. of N o. 111. com . (qu.)
Preferred (quar.)______ _____________
Pullman Company (quar.)_____________
Portland (Ore.) Gas & Coke, pref.(qu.)
Quaker Oats, preferred (quar.)________
Ranger Texas Oil____________ __________
Revillon, Inc., pref. (quar.)_________
Royal Dutch C o _______________ _______
Russell M otor Car, common (quar.)____
Preferred (quar.)____________________
St. Lawrence Flour Mills, com. (quar.)_
Preferred (quar.)____________________
Salt Creek Producers (quar.)___________
Seaconnet Mills (quar.)________________
Shaw (W . W .) Corporation (quar.)_____
Shove Mills (quar.)____________________
Sierra Pacific Elec. C o., pref. (quar.)___
Sinclair Cons. Oil. pref. (quar.)________
Southern California Edison, com . (qu.)_
Stafford Mills (quar.)_________________
Steel Co. of Canada, com. A pref. (quar.)
Stewart-Warner Speedometer, com .(qu.)
Stover M fg. A Engine, pref. (quar.)____
Superior Steel, common (q u a r.)-...........
First and second preferred (quar.)____
Swift International_________ ______ ____
Swift International_____________________
Taylor-Wharton Iron A Steel, pref. (qu.)
Texas Chief OiI_________________________
Texas Power & Light, pref. (quar.)____
Tobacco Products Corp., com. (quar.)_
Underwood Typewriter, com. (quar.)__
Preferred (q u a r .)____________________
Union Tank Car, com. and pref. (quar.) _
United Drug, first preferred (quar.)____
United Gas Im pt., pref. (o u a r .) _______
U. S. Rubber, first preferred (q u a r.)____
Ventura Cons. Oil Fields (quar.)_______
Wahl C o., pref. (quar.)________________
Proferred (quar.)____________________
Wampanoag Mills (quar.)_____________
Westlnghouse Mr Brake (quar.)_______
Westlnghou.se Elec. A M fg., com. (qu.)_
WooJworth (F. W .) C o., common (quar.)
oW riglcy (W in.) Jr. C o., com . (m thly.).
o Preferred (quar.)____________________
Yellow Cab M fg., class ft (quar.)______

Per
When
Cent. Payable.
31

Aug.

Aug.
July
Aug.
Aug.
Aug.
Alig.
Allg.
Sept.
Aug.
Aug.
Allg.
AUg.
Allg.
Aug.
Aug,
♦2
Aug.
50c. Sept.
i x Aug.
I X Aug.
2
Sept.
J H O ct.
2
Aug.
50c. Aug.
$1
Aug.
Aug.
51
2
Vllg.
5
Aug.
2
Aug.
V A Aug.
$1.25 Aug.
2
Aug.
2
Aug.
$6 Aug.
m Aug.
I X Oct.
xx Aug.
xx Sept.

Hooks Cloned,
bays Inclusive.

1 11oldors of rcc July 20
I
30
1
15
1
1
1
1
1
31
1
)
1
1
J
1
J
20
1

i Iolders of rcc.
Jui. J7
io
Holders of rco
Holders of ! t 1
11 old era Of rcc.
11olden of rec
i Iold<1 of rec
11 olden ol rcc
Holders of rcc
1lold en of rcc
Holders 0 rec
11oldors of rcc.
* ffolders of rcc.
11olden: of rcc
Holders ol rcc
1 folders of rcc.
Holders of rec
Hold ear of rec
Holders of rec
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
July 16
to
July 16
to
July 26
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders ol rec.
Holders of rec.

July 26a
July 30
J uly 15a
Aug. la
July 21a
J uly 28 a
July 20a
A ug. 24
July 20
July 30a
July 15
July 15a
July 10
July J8a
July J6a
July 19a
Aug. J5a
June 30
July 15
Aug. 15a
Sept 15a
July$23a
Aug. Ja
July 15a
July 15a
July 31
Aug. 1
Aug. J
July 30
July 20
July 31
July 23a
July 20
July 20
Sept. 30a
Aug. 17a
Aug. 23a

Aug. 31 Holders of rec.
N ov. 30 Holders of rec.
Sept. 30 Holders of rec.
Deo. 31 Holders of rec.
Aug. 31 Holders of rec.
Aug. 15 ♦Holders of rec.
Aug. 1 Holders of rec.
2
A UR. 10 Holders of rec.
1A Aug. 1 Holders of tec.
$1
Sept. 1 Holders of rcc.
2 1 c . Aug. 10 Holders of rec.
2
Aug. 15 Holders of rec.
I X Aug. 15 Holders ot rec.
I X N ov. 15 Holders of rec.
xx Feb.15ft Holders of rec.
xx M ayl5ft Holders of rec.
1 X Aug. 15ft Holders of rec.
Aug. 15 Holders of rec.
1X
Aug. 1 Holders of rec.
3
XX Aug. 1 Holders of rec.
I X Aug. 1 Holders of rec.
50c. Sept. 30 Holders of rec.
50c. Dec. 31 Holders of rec.
2
Aug. 15 Holders of rec.
Holders of rec.
1 A Aug.
10c. Aug.
Holders of rec.
$2
Aug.
Holders of rec.
Holders of rec.
I X Aug.
40c. Aug.
July 26
to
I X July 30 Holders of rec.
July 30 Holders of rec.
3
2
July 30 H oideis of rec.
3
July 30 Holders of rec.
5
July 21 to
Aug. 15
July 21 to
Aug. 15
/4
I X Aug. I Holders of rec.
I A Aug. 1 Holders of rec.
Aug. 15 Holders of rec.
2
I X Aug. 1 Holders of rec.
1A Aug. 31 Holders of rec.
1
Aug. 1 Holders ol rec.
2
Aug. 1 Holders of rec.
$2.76 July 30 Holders of rec.
xx Aug. 1 Holders of rec.
I X Aug. 1 Holders of rec.
1 A Aug. 1 Holders of rec.
I X Aug. 1 Holders of rec.
3
July 30 Holders of rec.
1
Aug. 1 Holders of rec.
*$1
Aug. 15 ♦Holders of rec,
1
Aug. 1 July 24
to
I A A ug. 1 Holders of rec.
2
Aug. 31 Holders of rec.
Aug. 15 ♦Holders of rec.
*2
2
Aug. 1 Holders of rec.
I X Aug. 1 Holders of rec.
50c. Aug. 15 Holders of rec.
I X A ug. 1 July 21 to
75c. Aug. 1 Holders of rec,
2
Aug. 15 Holders of rec,
$ 1.20 Aug. 23 Holders of rec.
$ 1 . 2 0 Feb .21ft Holders of rec.
XX Aug. 1 July 26 to
Aug. 1 Holders of rec.
1
I X Aug. 1 Holders of rec.
gim Aug. 15 Holders of rec.
1 Holders of rec.
2 A Oct.
I X Oct. 1 Holders of rec.
I X Sept. 1 Holders of rec.
8 7 A c . Aug. J Holders of rec.
8 7 A c Sept. 15 Holders af rec.
July 30 Holders of rec.
2
50c. Aug. 1 Holders of rec,
Oct. 1 ♦Holders of rec.
*51
*XX Oct. 1 ♦Holders of rec.
Aug. 1 Holders of rec
2
$1.75 July 30 Holders of rec.
July 30 Holders of rec.
$1
2
Sept. 1 Holders of rcc.
50c. Aug. 1 Holders of rec.
in Oct. 1 Holders of rec.
* i x Aug. 15 ♦Holders of rec.

Aug. 11a
N ov. 10a
Sept. 10a
Dec. 10a
Aug.. 11a
Aug. 1
July 20
July 30
June 20a
Aug. 12a
April 16
July 30
July 30
Oct. 31
Jan. 31ft
Apr. 29ft
July 31ft
July 30a
July 19a
July 25a
July 18
Sept. 1
D ec. 3
AUg. 5
July 21
July 15a
July 30a
July 20a
July 31
July 16
June 30a
June 30a
June 30a
Aug. 15
Aug. 15
July 15a
July 15a
July$30a
July 18
Aug. la
July 15a
July 20
July 19a
July 16a
July 16
July 23a
July 23a
July 15a
July 19
Aug. 1
July 31
July 15
Aug. 15a
July 31
July 18a
July 9
July 30a
July 31
July 15a
Aug. la
July 23a
Jan.ft21a
July 31
July 10
July 18
Aug. 1
Sept. 3a
Sept. 3a
Aug. 5a
July 15
Aug. 31a
July 15a
July 15
Sept. 22
Sept. 22
July$19a
June 30a
June 30a
Aug. 10a
July 25
Sept. 25
Aug. 1

IX
•)
/3
2
IX
1A
1
2A
i
$1
5
IX
*1 a
IX
2A

IA
IA
IX
IX
1A
*IA
IX

♦ From unofficial sources. X The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this dato and not until further notice, a Transfer
books not closed for this dividend, b Less British Income tax. $ Correction.
e Payable In stock.
/P ayable In common stock, o Payable In scrip, h On ac
count of accumulated dividends, i Payable In Liberty or Victory Loan bonds,
ft 1922.
o Dividends of 50c. a month declared on common stock, payable on tho first day
of each month tp holders of record on tho 25th day of the month preceding date of
payment. Also three quarterly dividends of l % % each on the preferred stock,
payable July 1, Oct. 1 and Jan. 1 1922 to holders of record Juno 25, Sept. 25 and
Dec. 25, respostlvoly.
p Payable In common stock of the Mengel C o.— $4 75 In par value ($100) of the
common stock of the Mengel Co. for each share of the Amer. T obacco common
and common “ B " stock held.
r N. Y . Stock Exchange ruled that the stock should bo ox-divldend on July 14.
N . Y . Btock Exchange has ruled that Durham Hosiery Mills pref. stock be
not quoted ox-dlvldend on July 20 and not until further notice.

THE CHRONICLE

504

Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 508.
Week ending
Ju v 20 1921

Stocks.
Shares.

Saturday . . . . . . . .
M Ul'l.r. ,
Tuesday _
___
Wednesday Thursday
Friday -

Far Value.

Railroad,
Ac.,
Ronds.

j

195,400 $15,33 5,000
409,800 30,733,500
346,600 23,260,000
i i) >00 36.044.000
472,467 3 5.990,6701
409,985 30.532,590

State, Afun
A Foreign
Ronds.

BOSTON CLEARING HOUSE MEMBERS

.

Total

2,284,752 $ 171,945,670 $25 201,000 $7,574,500 >31.665,700

Sales at
New Yot k Slock
Exchange.

Week ending July
1 9 2 1 .

Blocks— No sharesT

a r

v a lu e

2 , 2 8 4 , 7 5 2

Total bonds. _

1
$

1

to Ju g 2

1 9 2 0 .

1 0 2 1

1 0 0

9 .

1 3 6

1 0 2 , 8 1 6 , 9 0 7

2 9 5 , 9 6 3 , 1 0 0

$ 7 , 6 5 6 , 8 7 1 , 9 8 4

137
$

5 5 9 ,

i 3

8

$

3

1 , 6 6 5 , 7 0 0

2

$

4 0

, 5 5

2 , 0

0 0

0 0

4 , 1 8 7 , 0 0 0

5 , 2 0 2 , 0 0 0

1 1 , 3 2 0 , 0 0 0

7 , 5

$ 0 4

7

, 4 1

4 . 5

2 , 2

0 0

$ 5 6

, 0 5

9 , 0

0 0

$ 1 , 0 8

1 , 7 3 1 , 6 0 0

1 6 7 , 0 2 3 ,

$

1 , 7 4 5 , 9 3 5 , 8 0 0

0 0

_____

5 3 0 , 5 2 9 , 6 0 0

$ 1 , 7 8 2 , 3 2 4 , 6 9 0

$

2

1 9

, 5 8

8 , 3

3

3 3

, 2 7

'

0 0

, 5 (

0

2 , 3 0 3 , 7 9 9 , 6 ( 0

TRANSACTIONS \T THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
Boston

Week ending
Ju y 29 1921
Saturday_______
Monday _ ____ •_
Tuesday__
___
Wednesday
Thursday _______
F rid a y __ _____
Total__________

Shares

Philadelphia

Bond Sales

3,443
6,515
7,725.
7.173
8,481I
8,319

Shares

Baltimore

Bond Sales

Rond Sales

Shares

$15,050
29,950
63,550
43,700
52,300
10,000

1,807
2,156
2,943
3,777
7,685
3,242

$12,000
64,500
45,500
44,000
4 ",500
254,200

341
3,721
53 2
651
743
1,122

82,000
13,000
44,000
3 LOOO
67,000
34,000

41,6561 $214,550

21,615

$465,700

7,160

$196,000

New York City Non-Member Banks and Trust Com
panies. Following is the report made to the Clearing House
by clearing non-m em ber institutions which are not included
in the “ Clearing House Returns” in the next column:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars—that Is, three ciphers [000 omit led.)
Net Loans
CLEARING
Net
Reserve
Capital. Profits. Dis
Nafl
Net
NON-MEMBERS
with Demand Time
counts , Cash
Rank
Xat.bks.June30 Invest
in
De
Legal
Circu
De
Week en din g State** Junc30 ments, Vault. Deposi posits. posits. lation.
July 23 1921. Tr. cos. June 30 &c.
tories.
$
1,500
200
500
200

A verage Average Average Average Average Average
S
$
%
$
$
$
S
1.443 11,636
9,795
167 1,439
112
195
770 10,935
217 1,442 10,291
342
1,294
1,032 5,464
42
3,140
550
754 16,513
521 1,466
8,532 8,702
—

• Total________
State Banks
Not Members of tht
Fcder'l Reserve Bank
Bank of Wash Hts.
Colonial Bank___

2,400

4,001 44,548

947

4,897

31,755 10,450

100
600

433 3,515
1,691 16,459

455
2,096

218
1,363

3,459
17,467

Total__________
Trust C o m p a n ie c
ATot Members of tin
Feder'l Reserve Bank
Mechanics Tr, Bay

700

2,125 19,974

2,551

1.581

20,926

30

200

530

9,860

353

303

4,334

5,587

Total__._______

200

530

9,860

363

303

4,334

5,587

-------

Grand aggregate
3,300
Comparison previo us week

6,655 74; 382
—
— 330

3,861
— 361

6,781 a57,015 16.007
— 34
— 1S6 —1,139

195
—4

3,300
3,300
3,300
3.300

6,65S 74,712
6,681 74,957
6,696 4,592
6,696 74,744

4,222
4,355
4,148
4,138

6,957
6,950
6.533
6,560

199
197
195
193

Members o f
Fed’l Res. Bank.

Battery Park Nat.
Mutual Bank___
\Y . R . Grace & Co.
Yorkville Bank__

Gr’d aggr. July l r
Gr’d aggr. July 9
Gr’d aggr. July 2

Gr’d aggr. -Tune 25

a5$,157
a 57,451
a56,532
a55,725

July 23
1921.
Circulation
Loans, disc’ts A investmentsIndividual deposits, incl. U.S.
I >ue to banks
l ime deposit *
United States deposits
Exchanges for ( 1taring House
Due from other banks
( ash In bank and E R Bank
Reserve excess In bank and
Federal Reserve Bank

—

30

16,101
16,019
16,037
15,876

195

—

a U. S. deposits deducted, $660,000Bills payable, rediscounts, acceptances and other liabilities, $1,430,000.
Excess reserve, $26S,0S0 decrease.

Total.

July 9
1921.
$
2,639,000
517,775,000
382,322,000
93,756,000
17,555,000

12.263,000

14,674.000

53,799,000
42,188,000

1,409,000

901,000

Statement of New York City Clearing House B a n k s
and Trust Companies.— T he following detailed statem ent
shows the condition of the N ew Y ork C ity Cleaning House
members for the week ending July 23.
The figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
{Stated In thousands of dollars—that is. three ciphers [000 omitted.)
CLEARING
HOUSE
M EMBERS.
(.000 omitted.)
W eek e n d in g
July 23 1921
Members o f
Fed. Res. Bank
Bk of N Y.NBA
Manhattan Co.
Much A Metals.
Bank of Ainer__
National C ity..
Chemical Nat L
Atlantic Nat I . .
Nat Butch A Dr
Ainer Exch Nat
Nat Bk of Com.
Pacific B ank...
Chat & Pnenlx.
Hanover Nat 1_
Metropolitan
Corn Exchange.
Imp A Trad Nat
National Park..
East River Nat.
Second Nat’l__
First National._
Irving National
N Y County Nat
Continental----Chase National.
Fifth Avenue..
Commonwealth
Garfield Nat’l-.
Fifth National.
Seaboard Nat’l Coal & Iron----Union Exch Nat
Brooklyn Tr Co
Bankers Tr Co.
U S M tg& T rC o
Guaranty Tr Co
Fldel-Int Tr Co
Columbia Tr Co
Peoples’ Tr Co.
N Y Trust C o ..
Lincoln Tr C o ..
Metropol Tr Co
Nassau Nat .Bkn
Farm L A Tr Co
Colum bia-----Equitable Tr Co

Net
Loans,
Reserve
Capital. Profits Discount, Cash
with
Net
in
invest
Leon'
D>.mand
Nat’l, June so ments ,
Vault. /)i /»/
In posits.
State, June SO
&c.
lories
Tr.cos..June 30

Time Rana
De Circu
posits.
lalion.

A veraoe A veragi .1veraje Average Averaoi Avge,
$
$
$
$
$ '
l
$
7,18434,530
75: 3.323
25,179 1,20: 1,375
16.828 120,397 2,()5( 13.915
101.609 13,320
17,004 176,131 8,92: 17.' 91
137,590 2,231
988
5,976
52,729
!
6,663
49,342 i ,004
04,056 457,921 10,002 48,32 ‘ ♦467,168 23,955 1,29 5
15,339 124,130 1,480 12,271
92,639 1,708
350
1.084
17,043
13,504
411 1,82:
957
241
233
5,075
116
60'
3,868
92
292
83.5*24 3,003 4,856
7.630 102,323 1,176 12,57:
34,49* 280,580 1,972 29.87/
222,686 2,452
20,805 1,165 3.JS7
1,668
22,226
116
8,402 112,642 4,759 13,1 n
93,324 15,606 4,624
20,954 110,106
861 14,48
100.43k
100
4,103
41,217 2,920 6.41
43.96C
479
10,093 164,149 5,835 21,55'
153,687 15,606
8,500
646 3,37
34,320
25,69/
51
35
23,011 163,189 1,146 17.190
131,407 2,050 5,348
738
10,481
358 1,39
9,634 1,658
50
4,73/
759 2,51:
21,920
16,971
88
626
36,533 249,026
723 24,473
187,701 3,367 7,330
11,202 165,774 6,312 22.513
108,872 2,13( 2,432
501
12.19?
627 1,866
13,233
672
194
859
6,656
119
825
5,429
10C
19,716 274,675 4,812 28,605
217.222 7,640 1,076
2,181
19,589
952 2,779
19,460
83..
7.983
490 1,347
8.,:•
1,606
432
1“ ,542
2,218
14,8 9?
389
37
736
13.054
329 1,667
12,3D
351 243
4,829
48,611 1,007 5.535
68
41,59
711
1,400
15,49(
803 1,57c
399
12,04(
35/
1,501
16,825
440 2.322
3S7
33C
17.ISO
2,676
31,732
775 3.653
27,218 3.131
19,034 245,655
999 30,622 *230,431 8,291
4,850
51,338
636 5,825
43.791 4,789
30,546 423,135 2,421 39,889 *411.995 15,820
1,631
18,359
347 2,476
18,064
627
7,652
70.607 1,040 8,804
66,305 2,211
1,905
35,325 1.232 3.5S3
34,593 1,370
16,340 135,460
645 15,209
115,496 1,983
1,202
431 2,963
21,348
20,648
528'
3,o 94
607 3.006
27,148
717
22.75S
1.501
16.274
50
385' 1,339
299
13,157
11,611 113,307
724 12.592 *105,588 15,115
1,606
__
24,694
577 2.857
521
23,080
1<>,599 145,112 1,688 18,265 *165,4S8 9,598 —
Avge. July 23_. 271,400 154,822 1,255,601 76,349j477,331 c3.560.357 165.862 32,764
Totals, actual eo ndition [July 23 1,276,248 71,983 471.599 c3,550,594 163,410 32,535
Totals, actual co ndition 1July It, 1,277,843 75,039 482,972 <*3.585,792 167,228 32,945
Totals, actual co ndition July 9 1,331,249 81,537 498,999 c3,549,06c 172,513 33,363
S
2,000
5,000
10,000
5.500
40,000
4,500
1.0C0
500
5,000
25.000
1,000
7,000
3,000
2,500
7.500
l ,500
10,000
1.000
1.000
10,000
12,500
1,000
1,000
15,000
500
400
1,000
1.000
3,000
1,500
) ,000
1.500
20,000
2,000
25,000
1,500
5,000
1,500
10,000
2,000
2,000
1,000
5,000
2,000
12,000

2,506
652
3,270

1,619
305
1,934

17.491
50
5.081
27.972 45,818

_____
—

5,973

97,318

6.428

3.S5?

50,544 45,868

—

Totals, actual co ndition July 23
Totals, actual co ndition July 16
Totals, actual co ndition July 9

97,373
97,665
98,015

6,288
6,526
6,875

3,804
3,769
3,922

50,443 45,883
50,932 45,772
51.674 45,722

—

Trust Cos. Not Me mbers of F. R. Bk.
Title Guar & Tr 6,000 ] 2,41(
47,277
Lawyers Ti A Tr 4,000 6.296
24,801

1.441
S54

3,219
1,599

30.802
15,900

1,033
544

—

Avge. July 23__

Trust
Two ciphers (00) omitted. Members of
F.R.System Companies

July 16
1921.

$
S
1> c c .
15,000 2,616,1 0
Dec.
224,000 512,505,000
1)QG. 4,713,000 395,529,000
Dec. i T71,< ) < 9 i .007,000
Dec
139,000 50 >44,000
Doc. 4,712,000 9,549,000
l > e e
2,575,000 15,577,000
I )ec
5,569,000 57 99 i 000
Dec. 2,490,000 43,880,000

def .984,000 Dec. 2,393,000

State Banks. xYol Me mbers of F. R. Bk.
Greenwich Bank 1,000 1.955
17,348
84c250
5,251
Bowery _____
2,500 3,1/2
State Bank----74,719

P h ila d e lp h ia B a n k s .— The Philadelphia Clearing House
statem ent for the week ending July 23 w ith comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept w ith the Federal Reserve B ank.
“ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the resreve
required is 1 0 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in v a u lts.”
Week ending July 23 1921.

$
2,601,000
>12,281,000
390,816,000
91,636,000
20.105,000
4,837,000
13,002,000
52,332,000
41,340.000

Changes from
previous week.

1 2 , 1 7 8 , 3 3 7 , 6 7 5
$ 1 , 4 0 0

l i l u i i

DAILY

1 9 2 0 .

$ 1 7 1 , 9 4 5 , 6 7 0

Bank shares, par. _.
Ronds.
Government bonds
State,
, Ac .bonds
RK and misc bonds

Jan

2 9

Boston Clearing House Banks.— W e give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statem ent for a series of weeks:

U. S,
Ronds.

$666,000 $1,970,000
832,000 5,241,000
830,000 4,449,000
1,010,000 4,824,000
2,177,1)' 0 7.854.01 0
2,029,50) 7,327,700

$2,945,000
4.090,000
4.315,000
3,797,000
4.488.000
5,567,000

[V ol. 113

3,750

_____

10,000 18,713

72,078

2,295

4.SIS

46,702

1,577

—

Totals, actual co ndition July 23
Totals, actual co ndition July 16
Totals, actual co ndition July 9

71,726
70,540
72,091

2,312
2,285
2,474

5,052
4,673
4,393

48.003
44,036
45,001

l .016
1.532
1.524

—

Avge. July 23_.

Gr’d aggr. avge. 285,150 179,SOS 4,424,997 85,072 486,007 3,657,603 213.307 32.764
Comparison, pro vious w eek___ — 49,213 — 7,061 —3,1ST
— 4.826 —2,428 — 414
July 16
1921.

July 9
1921.

Capital_______ __________ $33,225,0 $4,500,0 $37,725,0 $37,725,0 $37,725,0
13,298,0 105,841,0 105,848,0 105,873,0
Surplus and profits_______
92,543,0
Loans, disc’ts A investin’ts 636,578,0 33,656,0 670,234,0 673,171,0 679,859,0
295,0 20,444,0 24,103,0 24,155,0
Exchanges for Clear. House 20,149,0
13,0 86.529,0 92,113,0 91,101,0
Due from banks.________
86,516,0
271,0 104,548,0 1OS,588,0 105,157,0
Bank deposits__________
104,277,0
17,943,0 480.936,0 483,860,0 487,457.0
Individual deposits______ 462,993,0
12,671,0'
290,0 12,961,0
12.882,0
Time deposits__ _ __
12,786,0
Total deposits___________ 579,941,0, 18.504,0 598,445.0 605,330,0 605,400,0
___________
8,307,0
11,951,0 20,058,0
U. S. deposits (not incl.)
2,121,0
2,121,0
2,112,0
2.544.0
Reserve with legal deposit’s _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ I
48,102,0 48,462,0 48,842,0
Reserve with F. R. Bank. _ 48,102,0
10,919,0
10,472,0
11,054,0
10,112,0
807,0
Cash in vault*_ ___ _____
2,928,0 61,142,0 61,628,0 61,858.0
Total reserve and cash held
58,214,0
46,440,0,
2,699,0 49.139,0 48,903,0 49,040,0
Reserve required. _____
12,818.0
12,003.0 12,725.0
229,0
Excess rec. A cash in vault
11.774.0
♦Cash In vaults not counted as reserve for Federal Reserve members.

Gr’d aggr., act’l con’dn July 23 1,445,347 S3.583 480,455 3,649.040 210.909 32,535
Comparison, pre vious w eek___
— 701 —267 — 10959 — 31,720 —3.623 — 410
Gr d aggr., act 1 coud’n July 16 1,446,048 83.850 491,414 3.680,760 214,532 32.945
Gr d aggr., act 1 cond’n July 9 1,501,356 90.SS6 507.314 3.045.740 219.759 S3.363
Gr'd aggr., act’l cond’n July 2 1,576,302 77.864 498.633 3.754.330 221.327 33,126
Gr’d aggr.. act’l cond’ n June 25|4.590,0251 85,452 506.651 3,693.446 220.753 12.436
Note.—U. S. deposits deducted from net demand deposits In the general totals
above were as follows: Average for week Julv 23, $68,390,000: actual totals Julv 23.
353,649,000; July 16. $85,201,000; July 9. $154,023,000; July 2. $ 170,650.000: June
25, 3222,311,000. Bills payable, rediscounts, acceptances and other liabilities:
Average for week July 23. $636,770,000; actual totals July 23, $631.761 .000; July 16.
3640,117,000; July 9, $675,807,000; July 2, §612.607,000 June 2 \ $739,415,000.
* Includes deposits in foreign branches not included in total footing as follows:
National Cty Bank. $91,834,000; Bankers Trust Co.. SS.733.000; Guni\int> Trust
Co., $110,906,000; Farmers Loan A 'Trust Co.. S12.97o.000; Equitable Trust Vo .
$26,721,000. Balances carried In banks in foreign countries as reserve for such
deposits were: National City Bank, $3$,375.000 Bankers Trust Co . 8190,000.
Guaranty Trust Co.. $27,577,009: Farmers l o n A 'Trust Co . SI. '-82.1V.'; Equitable
Trust Co., 34,428,000. c Deposits in foreign branch."* not included.

July

30

(S T A T E M E N T S O F R E S E R V E P O S I T I O N O F C L E A R I N G
A N D T R U S T C O M P A N IE S .

IIQ U 8 E R A N K S

Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks.
State banks*
Trust companies
Total
Total
Total
Total

July
July
July
July

Reserve
in
Depositaries

C O M B IN E !)

RESULTS OF BANKS AN D T R U ST
G R E A T E R NEW Y O R K .

We eh ended—
A
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

%
8
$
477,331,000 477,331,000 467,822,270
9,097,020
3.858.000 10,286,000
6.428.000
7,005,300
7,113,000
4.818.000
2.295.000

%
9,508,730
1,188,080
107,700

•183,925,490
184,607,320
187,857,720
494,069,880

10,804,510
13,640,680
17,190,280
10,338,120

$

8.723.000
9.053.000
0,100,000
8.528.000

23
16
9
2

505

THE CHRONICLE

1 9 2 1 .]

486.007.000 194.730.000
489.191.000 498.257.000
495.948.000 505.048.000
495.880.000 1501.408.000

M ay 21 .....................
M ay 28 - - __ ______
June 4 .
_____
June 1 1
June 1 8 ____________
.1une 25 _
2
July
July
9
July 16
July 23
* This Item Includes
Reserve notes.

C O M PA N IE S

IN

Loans and
Investments.

Demand
Deposits.

•Total Cash
in Vaults.

Reserve in
Depositaries.

$
5,260,725,000
5.220.160,900
5.190,335,300
5,133,916.400
5,159,297,200
5,202,318,800
5,204,031,100
5,137,681,600
5,077,470,000
5,020,355,400

$
4,249,874,800
4.215,54 1,100
4,291.978,300
1,3 1 1.040,400
4,356.385,400
1,291 .071 ,600
4,326,379,600
4,274,51.5,500
4,255,96 1,300
4,247,218,500

$
1J2.070.200
113,031 ,400
1 I 1.270.400
1 15,802,000
1 11,206,200
112,499,100
109,716,700
1J5,158,000
116,703,500
108.53 J,900

f
572,421.300
571.3 3.700
580,576 900
593,039,900
615.166,100
595,220,400
580.941.200
582.1 14.000
574,530.600
568,566,800

gold, silver, legal tenders, national bank notes and Federal

A ctu al Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks___
State banks*. _____
Trust companies___
Total
Total
Total
Total

July
July
July
July

23_____
16___
9 _____
2 _____

Condition of the Federal Reserve Bank of New York.

Reserve
in
Depositaries

Reserve
Required.

Total
Reserve.

Surplus
Reserve.

$
.$
$
471,599,000 471,599,000 466,479,520
9,079,740
3.804.000 10.092.000
6,288,000
7,364,000
7,200.450
2,312,000
5.052.000
$

$
5,119,480
1,012,260
163,550

8,600,000
8,811,000
9.340.000
8.368.000

180.455.000
491.414.000
507.314.000
498.633.000

489.055.000
500.225.000
515.663.000
507.002.000

6,295,290
482,759,710
486.942,000 13,282,000
482,605,310 34,057,690
496,789,240 10.211,760

State Banks and Trust Companies Not in Clearing
House. — T h e S ta te B a n k in g D e p a r tm e n t reports w eek ly
figures show ing th e con d ition o f S ta te b an k s and tru st c o m 
panies in N e w Y o r k C ity

not in the Clearing House

as fo llo w s:

S U M M A R Y OF STA TE BAN K S A N D T R U ST CO M PAN IES IN G R E A T E R
N E W Y O R K , N OT IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
{Figures Furnished by State Banking Department.)
Differences from
k July 23.
previous week.
Loans and investments_____________________________ $595,358,400 Dec. $7,871,600
Gold _______________________________________________
6.888.200 Dec.
50,200
Currency and bank notes___________________________
16,571.700 Dec. 1,060,400
Deposits with Federal Reserve Bank of New Y ork. _ 51,421,300 Dec.
564,500
Total deposits___________________________
629,480,200 Dec. 13,0S4,900
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com 
panies in N . Y . City, exchanges and U . S. deposits 589,615,500 Dec. 3,919,800
Reserve on deposits_______________________________
li)S,011,700 Dec. 3,895,400
Percentage of reserve, 20.7% .
R E SE R V E.
- - - - - - - - - - - - - - - - Stale Banks - - - - - - - - - - - - - - - — Trust Companies—
Cash in v a u lts ____________________ $25,533,000
15.77%
$49,340,200 14.07%
Deposits in banks & trust companies 8,615,200 05.32%
22,523,300 06.43%
$34,148,200

21.09%

S71,863,500

20.50%

* Includes deposits with the Federal Reserve Bank of New Y ork, which for the
State banks and trust companies combined on July 23 were $51,421,300.
k The Equitable Trust Co. i3 no longer included in these totals, it having become
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.

Banks and Trust Companies in New Y o r k C i t y .— T h e
averages o f th e N e w Y o r k C it y C learin g H o u se b an k s and
tru st com panies

July 27 1921. July 20 1921 . July 30 1920.
8
$
8
88.017.000
281,737,523
301,637,380
G o ld and gold ce rtifica te s--------------------57.503.000
53,211,471
06,335,176
G old settlem en t fun d— F . R . B oa rd __.
40.932.000
G old with foreign Agencies----------------186.452.000
334,948,995
367,972,550
T o ta l gold held b y b a n k -----------------279.139.000
488,608,078
•188,336,778
G old w ith Federal R eserve A g e n t------35,977,000
20,000,000
20,000,000
G old red em p tion fu n d __________________
501.568.000
843,557,073
876,309,335
T o ta l gold reserves-------119.521.000
71,667,362
71,198,260
Legal ten d er n otes, silver, & c.
621,089,000
915,224,436
Total reserves_______________________ 947,507,595
Bills discounted: Secured by U. S. G ov
497,399,000
141,088,225
146,396,458
ernment obligations— for members—
22,804,000
25,804,000
30,173,500
For other F . R . B ank s------ ----------------520.203.000
171,261,725
172,200,458
291.898.000
244,525,022
All other— For members-------------------- 224,644,138
16,220,000
5,610,000
8,110,000
For other F. R. B an k s......... .............. 308.118.000
250,135,022
232,754.138
135.195.000
2,018,016
5,746,901
Bills bought in open market---------------- 96^,516,000
406,033,910
428,082,382
Total bills on hand_________________
1,507,000
1,005,400
2,021,600
U. S. Government bonds and n otes____
U. S. certificates of Indebtedness—
59.276.000
52,776,000
52,276,000
One-year Certificates (Pittman A ct)_.
22.226.000
2,663,500
All o t h e r s ---------------- -----------------------485,543,482 1,046,525,000
Total earning assets------------- -------------- 459,315,310
3.784.000
5,380,969
5,376,555
Bank premises. ........................... ............
3.127.000
1,709,710
1,821,960
5% redemp. fund agst. F. R . bank notesI
150,978,000
112,713,552
122,088,776
Uncollected items_____________________
802,000
2,507,222
2,797,372
All other resources____________________
Total resources_____________________ 1,529,484,509 1,532,562,433 1,826,305,000
Liabilities—
24.679.000
26,872,050
26,873,550
Capital paid In________________________
51.308.000
59,318,368
59,318,368
Surplus__________ ____________________
17,781,010
18,181,010
Reserved for Government Franchise Tax
Deposits:
410,000
12,970,141
Government________________________
8,'64,550
710,488,000
637,421,800
Member Banks— Reserve A ccou n t__ . 64Q,183,642
26,025,000
11,892,802
11,291,140
A n o th e r____________________________
736.923.000
662,284,744
668,539,332
Total deposits______________________
849.589.000
643,875,237
645,312,757
F. R. notes In actual circulation______
35.958.000
29,752.200
28,915,200
F. R. bank notes In circul’n— net liability
101.075.000
79,375,971
88,384,311
Deferred availability items_____________
26.773.000
3,693,992
3,568,838
All other liabilities_____________________
Total liabilities______ _______________ 1,529,484,509 1,532,562,433 1,826,305,00(1
Ratio of total reserves to depost and
40.4%
72.2%
70.0%
F. R . note liabilities combined______
Ratio of total reser es to F. R . Notes
in ci culatlon after seating as de 35%
44.8%
105.9%
against deposit liabilities______________
110.8%
Contingent liability on bills purchased
6,091,835
20,926,022
21,178,820
for foreign correspondents____________
Note.— In conformity with the practice of the Federal Reserve Board at Washing
ton, method of computing ratios of reserves (o liabilities was changed beginning wltb
the return for March 18. Instead of computing reserves on the basis of net deposits—
that is, including In the total of deposits “ deferred availability items” but deducting
“ uncollected items” — the new method is to disregard both amounts and figure the
percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis; that la, reserve percentages are calculated on
basis of ' el deposits and Federal Reset ve notes in circulation.
A tint her change was made beginning with the return' for April 8. This change
consists in showing the ratio of reserves to Federal Reserve notes aftei setting aside
35% against the deposit liabilities. Previously the practice was to show the ratio
of reserves to deposits after setting aside 40% against the Reserve notes in circulation.
Resources—

* N ot members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
July 23, $4,975,860: July 16, $5,052,510: July 9, $5,187,930; July 2, $5,268,450.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
July 23, $4,902,300; July 16, $5,016,840; July 9, $5,175,390; July 2, $5,220,030.

Total

T h e follow ing show s th e con d ition o f uhe Federal R eserv o
B a n k o f N e w Y o r k a t th e close o f business J u ly 2 7 1 9 2 1 , in
com p a riso n w ith th e p reviou s w eek and the corresponding
d a te last ye a r:

combined

w ith th ose fo r th e S ta te b an k s

an d tru st com p anies in G re a te r N e w Y o r k C ity ou tsid e of
the C learing H o u se , are as follow s:

The Federal Reserve Banks.— F o llo w in g is the w ee k k / sta te m e n t issued b y th e F ed eral R eserv e B o a rd on J u ly 2 8 .
T h e figures for the sy ste m as a w hole are given in the follow in g ta b le, and in addition w e present the results for seven p reced 
ing w eek s, together w ith those of corresponding w eeks of last y e a r.
T h e second ta b le show s the resources and liabilities se p a 
rately for each o f th e tw elve b a n k s.
T h e Federal R eserve A g e n ts' A c c o u n ts (third ta b le follow in g) gives details regarding
transactions in F ederal R eserve n otes betw een the C o m p tro lle r and R eserve A g e n ts and betw een the la tte r and F ederal
R eserve b a n k s.
In co m m e n tin g upon the return for the la test w eek the F ederal R eserv e B o a rd say s:
A g g r e g a t e g a i n s o f $ 2 2 , 9 0 0 , 0 0 0 in g o l d a n d o f $ 3 , 0 0 0 , 0 0 0 in o t h e r c a s h
r e s e r v e s , a c c o m p a n i e d b y a r e d u c t i o n o f $ 2 0 , 9 0 0 , 0 0 0 in F e d e r a l r e s e r v e
n o t e c i r c u l a t i o n a n d a n i n c r e a s e o f $ 2 , 3 0 0 , 0 0 0 in d e p o s i t l i a b i l i t i e s , a r e
i n d i c a t e d in t h e F e d e r a l R e s e r v e B o a r d ’s w e e k l y b a n k s t a t e m e n t i s s u e d a s
a t c lo s e o f b u s in e s s on J u ly 2 7 1 9 2 1 .
T h e b a n k s ’ reserve ra tio sh o w s a
fu r l h e r r is e fo r th e w e e k f r o m 0 2 . 5 t o 0 3 . 4 % .
R e s e r v e b a n k h o ld in g s o f b ills se c u re d b y G o v e r n m e n t o b lig a tio n s s h o w a
d e c r e a s e o f $ 1 8 ,3 0 0 ,0 0 0 , o th e r d is c o u n t e d p a p e r on h a n d d e c lin e d b y $ 1 7 .- 1 0 0 , 0 0 0 . w h i le h o l d i n g s o f a c c e p t a n c e s p u r c h a s e d in o p e n m a r k e t f e l l o f f
$ 4 , 5 0 0 , 0 0 0 , r e a c h i n g t h e Jov. l e v e l o f $ 1 9 , 4 0 0 , 0 0 0 .
T h e r e is a l s o s h o w n a
r e d u c t i o n o f $ 1 , 5 0 0 , 0 0 0 in t h e a m o u n t o f “ P i t m a n ” c e r t i f i c a t e s h e l d , a n d
o f $ 2 , 0 0 0 , 0 0 0 in t h e a m o u n t o f o t h e r T r e a s u r y c e r t i f i c a t e s .
T h e c o m b in e d
r e s u l t s o f t h e s e c h a n g e s is s e e n in a r e d u c t i o n o f $ 4 4 , 8 0 0 , 0 0 0 in t o t a l e a r n i n g
a s s e t s , w h ic h t o t a l e d $ 1 , 9 1 9 , 4 0 0 , 0 0 0 o n J u l y 2 7 , a d e c r e a s e o f o v e r 4 0 %
s in c e th e c lo s e o f la s t y e a r .
O f t h e to ta l h o ld in g s o f $ 5 9 1 ,5 0 0 ,0 0 0 o f p a p e r , s e c u r e d b y U n ite d S ta te s
G o v e r n m e n t o b lig a tio n s , $ 4 0 6 ,1 0 0 ,0 0 0 or 6 8 . / % , w ere se c u re d b y L ib e r t y
a n d o th e r U n ite d S t a t e s b o n d .s $ 1 5 4 ,9 0 0 ,0 0 0 o r 2 0 . 2 % b y V ic t o r y n o t e s ,

$ 3 ,2 0 0 ,0 0 0 or .5 % b y T r e a s u r y n o te s , a n d $ 2 7 ,3 0 0 ,0 0 0 , or 4 .6 % , b y T r e a s "
u ry c e r tific a te s , c o m p a r e d w ith $ 3 9 6 ,5 0 0 ,0 0 0 , $ 1 6 1 ,4 0 0 ,0 0 0 , $ 3 ,0 0 0 ,0 0 0 a n d
$ 4 8 , 9 0 0 , 0 0 0 s h o w n t h e w e e k b e f o r e .'
D is c o u n te d b ills h e ld b y th e B o s t o n , N e w Y o r k a n d C le v e la n d b a n k s
in c lu d e $ 6 1 ,4 0 0 ,0 0 0 o f b i l ls d is c o u n t e d b y th e R ic h m o n d , A t l a n t a , M i n 
n e a p o lis a n d D a lla s B a n k s .
T h e R ic h m o n d b a n k r e p o r ts a n in c r e a se o f
its a c c o m m o d a t io n a t t h e N e w Y o r k B a n k fr o m $ 1 9 ,5 0 0 ,0 0 0 to $ 2 4 ,4 0 0 ,0 0 0 .
T h e M in n e a p o lis b a n k in c r e a se d its r e d is c o u n ts w ith th e N e w Y o r k B a n k
fr o m $ 1 2 ,0 0 0 ,0 0 0 to $ 1 3 ,8 0 0 .0 0 0 .
T h e D a l l a s b a n k in c r e a s e d i ts r e d is c o u n ts
fr o m $ 1 8 ,3 0 0 ,0 0 0 t o $ 1 9 ,1 0 0 ,0 0 0 , a n d th e A t l a n t a b a n k o b t a in e d d u r in g
th e w eek a to ta l o f $ 4 ,0 0 0 ,0 0 0 o f a c c o m m o d a tio n fr o m th e B o s to n a n d
C b e v e la n d b a n k s .
A s a g a i n s t a d e c r e a s e o f $ 3 , 3 0 0 , 0 0 0 in G o v e r n m e n t d e p o s i t s , m e m b e r s "
r e s e r v e d e p o s it s s h o w a n in c r e a s e o f $ 8 , 5 0 0 , 0 0 0 fo r t h e w e e k , a n d a ll o th e r
d e p o s it s , in c lu d in g n o n -m e m b e r s ’ c le a r in g a c c o u n ts a n d c a s h ie r ’ s c h e c k s —
a d ecrease o f $ 2 ,9 0 0 /1 0 0 .
I n a d d i t i o n t o t h e d e c r e a s e o f $ 2 6 , 9 0 0 , 0 0 0 in
F e d e r a l r e s e r v e n o t e s , t h e r e is a l s o s h o w n a r e d u c t i o n o f $ 2 , 7 0 0 , 0 0 0 i n
F e d e ra l re se rv d b a n k n o te c ir c u la tio n ,

C o m bin ed R esources and L ia b ilitie s of th e F e d e r a l R e se r v e B a n k s a t th e C lose of

B u sin ess

J u l y 27

1921

July 27 J92 J July 20 1921 . July 13 1921. July 0 1921. June 29 1921. June 22 1921. June 15 1921. June 8 1921. July 30 1920.
RESOURCES.
Gold and gold certificates............... ........
Gold settlement fund, F. R. Board____
Gold with foreign agencies____________

S
389.605.000
419.741.000

.$
368.448.000
404.005.000

%
352.341.000
402.248.000

$
338.957.000
403.146.000

•$
323.900.000
407.234.000

$
315.472.000
400.841.000

•$
311.017.000
450.211.000

$
297.476.000
521.539.000

$
174.179.000
389.389.000
111.531.000

Total gold held by banks . _ ___________
809.406.000 772,453,000 754.589.000 742.103.000 731.134.000 716.313.000 767.228.000 81.9.015.000 675.099.000
( <old v/Uh Federal Reserve a merits___
1,010,287,000 1,024,332,000 1,023,321,000 1,598,205,000 1,597,219,000 1,598,128,000 1,550,817,000 1,460,358,000 1,153,712,000
Gold redemption fund_____ __________
148.893.000
105.538.000
114.034.000
1 1 1,513,000
137.438.000
133.576.000 136.047.000 127.623.000 151.299.000
Tv»tal smld rc.d irvpi

2,531,231.000 2,508,298,000 2,492,544,000 2,477,800,000 2,401,931,000 2.450,488,000 2,445,568,000 2,430,672,000 1,977,704,000

506

[Vol.

THE CHRONICLE
July 27

1921 J uly 20 1921

*
151,065,000

Legal sender no tea, silver, dfco ........... ..

July

13 1921.

J uiy

$

*
151,068,000

155,050,000

6 1921.
$

153,405,000

June

29 1921.

3
163.527,000

June

22 1921.

8
169,517,000

June

1
15 1921.

$
170,056,000

June

8 1921.

113.

J uly

8
161,874,000

30 1920.

8
150,936,000

2,685,296,000 2.659.366.000 2,647,594,000 2,631,211,000 2,625,458.000 2,620,005,000 2,615,624,000 2.592,546,000 2,128,640,000

Total reserved_________________ _____
dills discounted
Secured by U. S. Govt, objlgatlond-

609,779,000 618,784,000 674,377,000 647,761,000 657,980,000 664,296,000 747.006,000 1.241.017.000
1.076.370.000 1,085,196,000 1,126,086,000 1,123,801,000 1,095,963,000 1,043,383,000 1,149,353X00 1.250.613.000
23.907,000
19.421,000
31.136,000
25,135,000
31.601,090
39,488,000
53,200,000
69,501,000 345,305,000

501,450,000

ttUJe bought In open market__________

Total bills on h a n d -____ _________ 1,669,920,000 l 710,056,000 1,729,115,000 1,832,499,000 1,803,165,000 1,703 i >1,000 1,760,879,000 1,965,860,009 2,836,935,000
35,407,000
34,175,000
36,098,000
B. Government bund a and notes
36.610,000
26,860,000
35,066,000
34,549,000
32,662,009
33,729.000
O. S Victory notes
- - .............
23,009
0 3 certificates of Indebtedness:
214,375,000 215,875,000 215,875,000 215,875,000 215,875,000 222,375,000 222,375.900 225,375,000 259,375,000
One-year certificates (Pittman Act) —
2,892,000
938,000
10,551,000
18,534,000
All other____________________________ _
39,145,000
6,908,000
32,848,009 300,513,000
1,652,000
V.

1,919,408,000 1,964,230,000 1,999,622,000 2,095,535,000 2,060,495,900 2,082,403.000 2,318,833,000 2,225,572,009 3.162,315,000
Total earning assets — __________ —
25.762.000
25.840.000
25.519.000
Bank premises---------------------------------------24.861.000
24.442.000
24.845.000
14.289.000
24.717.000
23,8 12,000
9,954,000
9,606,000
9,679,000
10.033.000
9% redernp. fund agsc. P. It bank notes
19,1 76,099
10.042.000
12.684.000
10.194.000
10, -149.000
557,162,000 506,454,999 664,105,000 722,766,000 511,495,000
494,948,000 544,655,000 590,694,900
Uncollected ite m s......... ............ - ------709,949,000
12.813.000
13.088.000
15.0
lo.ooo
14.698.000
14.747.000
All other resources......... ...........................
15.338.000
4,892,000
14.404.000
13,482,000
Total resources______ ______

______ 5,150,210,000 5.216.780.000 5,288,360,000 5,331,536,009 5,242,041,000 5,315,828,000 5,707,179,000 5,407,386,000 6,032.769,000

LIABILITIES.

102.263.000 102,222,000 102.090.000
102.103.000
102.184.000
Capital paid In_____________ ____ __ ____
95.225.000
102,066,000
102.177.000 102.156.000
213.824.000 213,824,000 213.824.000 213.824.000 202.036.000 202.036.000 202.036.000 202,036.000
__ _
__ _____ _________ _
Surplus
164,745,000
44.231.000
42.065.000
43.419.000
45.503.000
40.910.000
Reserved tor Govt franchise ta x ____
39.057.000
4 ,4 )0,000
38.057.000
34.024.000
34.967.000
31.709.000
Deposits— G overnm ent....... .....................
15.352.000
10.942.000
14.597.000
12.167.000
17.957.000
20.261.000
Member banka— reserve account_____ 1,638,637,000 1.630.196.000 1,655,303,000 1,651,757,009 1,641,156,000 1,647,709.009 1,866,455.000 1,684.075,000 1,808,156,000
27.856.000
27.371.000
24.928.000
29.280.000
27.746.000
All other
48.175.000
31.581.000
51.296.000
30,721,000
T o t a l -------------------- ----------------------- 1.605.274.000 1.693.019.000 1.693.991.000 1.713.152.000 1.685.788.000 1.697.247.000 1.929.227.000 .735,057,000 1.871.619.000
If. R. notes In actual circulation-......... 2.537.517.000 2.564.613.000 2.603.833.000 2.671.916.000 2.634.475.000 2.639.319.000 2.674.435.000 2,700,723,000 3.120.138.000
127.875.000
133.303.000
125.143.000
y . R bank noted In circulation— net llab
130.556.000
132.400.000
135.050.000
135.004.000
141.054.000
192.168.000
Deferred availability Items..................—
113.037.000 453.543.000 483.901.000 438.455.000 412.214.000 467.928.000 694.207.000 447.357.000 536.690.000
17,453,000
16,746,000
16,718,000
17,549,000
32,034,000
All other liabilities____________________
31,011,000
31,717,000
31,036.000
52,184,000
Total liabilities____________ __________ 5,150,210,000 5.216,780,000 5,288,360,000 5,331,536.000 5,242,041,000 5,315,828,000 5.707.179,000 5,407,386,000 6,032, 69,000
Ratio of gold reserves to deposit and
58.9%
F. R. note liabilities combined--------58.2%
56.5%
59.8%
56.9%
53.1%
56.5%
54.9%
39.6%
Ratio of total reserves to deposit and
62.5%
63.4%
61.6%
60.0%
60.8%
F. R. note liabilities combined------ 60.4%
56.8%
68.3%
43.3%
Ratio of total reserves to F R notes In
circulation after setting aside 35%
80.6%
76.0%
82.4%
77.3%
72.6%
78.9%
against deposit liabilities------------------73.2%
76.8%
47.2%

Distribution by Maturities—

s
9.675.000
943.796.000
4.700.000
2.951.000
156.985.000
10.245.000
3.259.000
281.629.000
34.317.000
3.536.000
198.559.000
25.742.000
3,000
69.527.000
140.309.000

1-15 days bills bought In open market.
1-15 days bill discounted------------------1-15 days Lf. S. certlf. of Indebtedness
16-30 days bills bought In open market.
16-30 days bills discounted-----------------16-30 days U. 3. certlf. of indebtedness81-60 days bills bought In open market81-60 days bills discounted........... ..........
81-60 days U . 3. certlf. of lndebtedness.
01-90 days bills bought In open market.
61-90 days bills discounted..... .......... —
91-90 days U 3. certlf of Indebtedness
Over 90 days bills bought in open market
Over 90 days bills discounted___________
Over 90 days certlf. of Indebtedness.

$
14.258.000
971.150.000
3.700.000
3.277.000
163.545.000
6.595.000
2.983.000
286.529.000
29.742.000
3.379.000
190.922.000
35.092.000
10,000
74.003.000
143.638.000

S
S
$
$
19.311.000
16.225.000
17.225.000
21.019.000
984.521.000 1,019,879,000 1,032,489,000 1.006,319.000
4.228.000
2,600,000
10.063.000
25.337.000
6.708.000
7.706.000
3.243.000
7.668.000
169.610.000
165.256.000
160.140.000
184.740.000
4.700.000
6.528.000
4.700.000
4.304.000
3.434.000
4.760.000
2.827.000
7.788.000
280.130.000
271.088.000 267.860.000
265.996.000
20.959.000
17.669.000
28.002.000
16.172.000
1.683.000
1.830.000
2.910.000
3.013.000
215.803.000 223.550.000 213.178.000 210.194.000
39.482.000
34.814.000
44.376.000
52.340.000
10,000
78.194.000
89,551,000
77.520.000
84,844,000
157.057.000
161,172,000
147.268.000
157,070,000

$
$
S
28.520.000
39.353.000
99.100.000
986.528.000 1,150,725,000 1,464,790,000
301.500.000
2.955.000
42.325.000
10.781.000
15.317.000
86.034.000
180.993.000
186.586.000 225.623.000
3.947.000
5.400.000
12,000,000
11.060.000
10.237.000
129.544.000
261.852.000 294.204.000 426.928.000
13.120.000
11.340.000
47.430.000
3.771.000
3.662.000
30.627.000
188.961.000
190.103.000
304.257.000
22.547.000
25.736.000
28.144.000
82,203,000
75,883,000
70,532,000
178,585,000 184,784,000
188,621,000

federal Reserve Note*—
3,425,788,000
Outstanding........................ ............ 1 --- 2,933.241,000 2,969,666,000 3.000,507,000 3,014.824,000 2,996,025,000 3,002,066,000 3.030,050.000 3,073,599,000
305,650,000
395,624,000 405,053,000 396,674,000 342,908,000 361,550,000 362,747,000 355,615.000 362,876,000
Held by banks...........................................
3,120,138,000
In actual circulation.................. .......... 2,537,617,000 2,564,613,000 2,603,833.000 2,671,916,000 2,634.475,000 2,639,319,000 2,674,435,000 2,710,723,000
Amount chargeable to Fed. Res. agen> 3,742,072,000 3,781,176,000 3,785,977.000 3,784,499,000 3,803,365,000 3,807,463,000 3,837,187,000 3,875,729,000 3,895,106,000
807,137.000 802,130,000 469,318,000
769,675,000 807,340,000 805,397.000
785,470,000
808,831,000 811,510.000
2d hands of Federal Reserve Agent____
Issued to Federal Reserve banka_____ 2,933,241,000 2,969,666,000 3,000,507,000 3,014.824,000 2,996,025,000 3,002,066,000 3,030,050.000 3,073,599,000 3,425,788,000

How Secured—
3y gold and gold certificates--------------& y eligible paper------ ------------ -------------Gold redemption fund------------- -------With Federal Reserve Board---------------

344.993.000 344.992.000 344.993.000 344.992.000 345.093.000 345.093.000 345.093.000 259.226.000
1.345.334.000 1.377.186.000 1.416.559.000 1.398.806.000 1,403,938X00 1.479.233.000 1,613,241,000 2,272,076,000
111.633.000
116.727.000
121.141.000
118.896.000
126.558.000
117.047.000
119.094.000
127.264.000
128.760.000
1,154,247,000 1.160.443.000 1.159.235.000 1.126.714.000 1.124.963.000 1,124,275.000 1.084.583.000 998.538.000 782.853.000

T o t a l_______________________________

2,933,241.000 2,969,666,000 3,000,507,000 3,014,824,000 2,996,025,000 3.002,066,000 3,030,050,000 3,073,599,000 3,425,788,000

344.993.000

1,626,719,000 1,659,119,000 1,676,862,000 1,773,005,000 1,744,990,000 1.732,677,000 1.690.448.000 1,908,988,000 2,777,081,000

W EEK LY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JU LY 27 1922

Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston.

New York.

Phila.

Cleveland. Richmond Atlanta.

Chicago. St. Louts. Minneap. Kan.City.
S

Dallas.

San Fran

8
S
8.908,0 20,526,0
2,568,0 25,946,0

Total.
§
389,665.0
419,741,0

S
RESOURCES.
7,996,0
Gold and gold certificates______
Gold settlement fund— F. R . B ’d 35,265,0

$
301.637,0
66,335,0

6,340,0
2,689,0
49,146,0 22,795,0

4,739,0 21,171,0
7,038,0 100,3S9,0

2,893.0
16,969,0

2,185,0
8,529.0
8,319,0 35,867,0

Total gold held by banks-------- 43,261,0
Gold with F. R. agents__________ 190,686.0
Gold redemption fund___________ 24,416,0

367,972,0 51,156,0 55,486.0 25,484,0
488,336,0 142,322,0 183,861,0 37,708,0
4,420,0
20,000,0
8,171,0
6,399,0

11,777.0 121,560.0
51,683.0 246,153,0
5,427,0 17,182.0

19,862,0
51.160.0
3.545,0

16,848,0 38.052,0
19,620,0 32,847,0
3,141,0
2,128,0

Total gold reserves------------------ 258,363,0
17,307,0
Legal tender notes, silver, &c—

876,308, j 201,649.0 243,767,0 69,591,0
4,568,0
71,199,0
5,775,0
3,834,0

68,887,0 384,895,0
7,330,0 16,365,0

74,567,0 38.596,0 74.040,0 27,545,0 213.023.0 2.531.231.0
3,422.0 154,065,0
6,871.0
3,579,0
7S0,0
13,035,0

Total reserves_________________ 275,670,0
ft Bills discounted: Secured by
U . S. Govt, obligations_____ 33,409,0
44,SIS,0
All other_____________________
4,926,0
Bills bought in open market_____

947,507,0 206,217,0 249,542,0

76,217,0 401,260.0 87,602,0 39,376,0

Total bills on hand_____ -_____
U . S. Bonds and notes__________
U. S. certificates of Indebtedness:
One-year ctfs. (Pittman Act).
All other

83,153,0
555,0
18,936,0
605,0

Total earning assets___________ 103,249,0
3,849,0
Bank premises__________________
6% redemption fund against Fed772,0
eral Reserve bank notes______
41,282,0
Uncollected items_______________
422,0
All other resources_____ _________

S

2,052,0
49,104,0

$

S

73,425,0

S

%

S

S

77,619,0

11,476.0 46,472.0 S09.4C6.0
13,366,0 158,545.0 1,616,28/ ,0
8,006.0 105,538,0
2,703,0

34,416,0 216,445,0 2.6S5.296.0

6.071,0 37,452,0 591.450,0
171.262,0 85,709,0 47,526,0 25,366,0 34,913,0 90,469,0 30,901.0
6,410.0 21,962,0
232,754,0 33,389,0 98,945,0 73,866,0 64,930,0 189,143,0 50,404.0 64,289,0 53,112,0 51,549,0 103,847.0 1,0<>9,046,0
19,424,0
100,0 2,250.0
959,0
—
2,018.0
1,225.0
3,280,0
1,105,0
2,014,0
1,317,0
230,0
81,535,0
1.185,0

70,699,0
116,0

76.033.0
8,86S,0

14,564,0 35,112,0
87,0
1.0

11,568.0
91,0

5.4S0.0
109,0

8,320,0
15.0

459,315,9 148,534,0 168,365,0 109.739,0 125,863,0 322.5S1.0
5,381,0
529,0
73S.0
4,124,0
2,326,0
2,220,0

94,379,0
627,0

406,034,0 120,203.0 145,696.0 101,246.0 101,160,0 282,892.0
1,233,0 10,138,0
1,005,0
844,0
4,490,0
1,547,0
52,276,0

26,780.0
4,0

21,799,0
26,0

7,260,0

1,770,0
1.239,0
700,0
363.0
112,713,0 44,998,0 48,245,0 38,731,0
2,798.0
287,0
847,0
348,0

523,0
569,0
1.665,0
17,551,0 60,838,0 25,675,0
791,0
1.936,0
604,0

57,720,0 113,549.0 1,669.920.0
34,175,0
3,979,0
215.0
2,400.0

9,880,0

214,375,0
938.0

76.404.0 93,236,0 64,099,0 153.644,0 1.919,408,0
25,846,0
1,921,0
586,0
2,890,0
655,0
236,0
494,0
419,0
916,0
13.4SS.0 37,394,0 23.403.0 30.630,0
1.972,0
535,0
3,970.0
536,0

9,666,0
494,948.0
15,046.0

Total resources-------------------- 425,244,0 1,529,484,0 401,265,0 470,564,0 224,826,0 221,729,0 792,404,0 209,410,0 130.87S.0 212,590,0 126,047,0 105,769,0 5.150,210,0

LIABILITIES.

7,911,0
Capital paid In. ______________
urplus — ------------------------- 16,342,0
2,377,0
Reserved for Govt, franchise tax.
Deposits: Government_____ __
2,188,0.
Member bank— reserve acc t__ 10S, 748,0
828,0
All o t h e r ._____ _________ ____

4,221.0
4,340,0
4,101,0 14,263,0
4,542,0
3,548,0
7.418.0 102.263.0
26,874,0
S.622,0 11,015,0
5,378,0
7,113,0 15,207.0 213,82 1.0
9,114,0
59,318,0 17,564,0 22,263,0 11,026,0
8,708,0 30,536,0
7.303.0
9,330,0
45,503.0
______
8,736,0
1,085,0
1,736,0
18,181,0
2,932,0
1,976,0
1,879,0
2,S5S,0
1,486,0
2.257,0
31.709,0
1,520,0
1,717,0
8,065,0
1,164,0
1,731,0
2,868,0
1,642,0
3,856,0
2.052,0
2.091,0
2.815.0
649.184,0 97,819,0 133.071,0 52,216,0 41,996,0 234,906.0 60,672.0 42,225.0 67.090.0 40,935,0 109,775,0 1.638,637.0
24.928.0
470,0
379,0
2,552,0
750,0
499,0
587,0
5,412,0
11,291,0
1,016,0
718,0
426,0

Total deposits_________________ 111,764,0
F. R. notes In actual circulation. 242,464,0
F. R. bank notes In circulation—
net liability__ ________________
8,153,0
Deferred availability Items, _.
35,281,0
All other liabilities______________
952,0

668,540,0 102,691,0 134,953,0 54,694,0 44,106,0 240,326,0 63,139.0 44.366,0 69,768,0 42,925,0 118.002.0 1,695,274.0
643,875,0 219,341,0 243,527.0 113,254,0 138,670.0 433,613,0 99,274,0 56.328,0 75,431.0 42,323,0 229,468.0 2.637,617.0
29,752.0
8,598.0 14,600,0
5,315,0
79,375,0 40,750.0 41.275,0 32,268,0
3,569,0
767,0
925,0
1,012,0

8,694,0 14,247.0
6,095,0
13.S12.0 47.652.0 25,207,0
954,0
780,0
3,031,0

4,998,0 14,459,0
4.084,0 .6,148,0
11.562,0 36,308,0 24.098.0 24.449.0
1.218,0
1,283,0
1,233,0
1.82 •Q

125.143.0
413.037 0
17,549.0

Total liabilities_______________ 425,2443V 1,529,484,0 401.265.0 470.564,0 224,826,0 221,729,0 792.404.0 209,410.0 130.878.0 212,590,0 126,047,0 405,769.0 V 150.210,0

J u l y 30

1921.]

THE CHRONICLE

LI A BILITIE8 (Concluded)—
Boston. New York.
Two ciphers (00) omitted.
%
$
Memoranda.
Ratio of total reserves to deposit
and F. it. note liabilities com77.8
72.2
blned, per cent------- . . -------Contingent liability as endorser on
discounted paper rediscounted
with other F. U. banks ____
Contingent liability on bills pur20.920.0
obased for foreign correspond’ ts 4.109,0
b Includes bills discounted for
10,130,0
38.284.0
other F. R. banks, via.:

/Villa.

Cleveland. Richmond Atlanta.

$

$

04.0

4,503,0

05.0

4.010.0

Chicago. St. Louis. M inneap. Kan .City. Dallas.

%

%

507
$

%

43.7

41.7

24,435,0

4,007,0

2,758,0

2,020,0

53.0

rA).r,

$

$
30.1

2,040,0

Total.
%

«

•53.5

40,4

13,840,0
0,008,0

Han Fran.

62.3

63.4

10,130,0

1,520,0

1,464,0

2,702,0

61,427,0
2,689,0

50,657,0
01 127,0

7.007.0

STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS .MJLV 27 1921.
Cleve. Rtchm'd Atlanta Chicago

Boston. New York Phtla.

T ota l___________ ____ __ _________ _____
Liabilities—
Net amount of Federal Reserve notes received from
Comptroller of the Currency____________________
Collateral received from
/G o ld ____________________
Federal Reserve Bank\Eligible paper--------------T ota l....................................... ............. ........... .

Minn. IC. City Dallas Ban

F t.

Total.

$
$
$
$
$
250,200 21,420 45,200 20,289 70,795
808,947 244,190 268,478 120,703 147,007

$
%
$
%
$
$
$
180,140 29,080 18,435 5,220 25,562 35,760 808,831
482,348 121,144 58,576 83,784 46,023 292,609 2,933,241

286,924
20,412 1.4,933
18.1,000 127,389
320,61 1 101,808
9,914
55,337

344 ,993
6,110 13,062 _____
6,132
15,509 3,019 2,368 3,487 5,000 17 156 117,047
230,644 42,031
4,200 29 3( i) 2,234 J4 J,389 1.1 54 ,247
236,195 69,984 38,956 50,937 32,657 184,064 1,316,954
40,639 11,448 31,388 25,089 25.063 7 ,4 10 309,765

3,400
23,775
15,086
1,758 3,283
145,000 30,000 45,000
84,0 17 83,085 95,924
61,079 10,090 6,211

629,311 1.932,431 519,714 043,235 277,905 377,220 1,191,475 282,810 161,975 197,877 142,67.1 628,388

1 00

Resources—
(In Thousands of Dollars)
$
Federal Reserve notes on band___________ ___________ 00,730
258,742
Federal Reserve notes outstanding-— Collateral security for Federal Reserve notes outstanding:
5,000
Gold and gold certificates_______________ _______
Gold redemption fund----------------------------------------- 15,080
170,000
Gold settlement fund —Federal Reserve Board__
Eligible paper!Amount required............... ............. - 08,0/0
(Excess amount k e ld _ _ ------- --------- 15,097

81. L.

i Cn

Federal Reserve Agent at—

662,488 150,224 72,011 89,004 71,585 328,369 3,742,072
246,153 51,160 19,620 32,847 13,366 158,545 1,616,287
282,834 81,432 70,344 76,020 57,720 141,474 1,626,719

355,472 1,068,147 265,610 313,678 141,082 224,402
100,080 488,350 142,322 183,861 37,708 51,083
83,153 375,948 111,782 145,696 99,175 101,135

629,311 1,932,431 519,714 643,235 277,905 377,220 1,191,475 282,816 161,97o 197,877 142,671 628,388 6,985,078

Federal Reserve notes outstanding___________ ________ 258,742
16,278
Federal Reserve notes held by banks_________________

808,947 244,190 268,478 120,793 147,007
105,072 24,849 21,951 7,539 8,937

482,348 121,144 58,576 83,784 46,023 292,609 2,933,241
48,735 21,870 2,194 8,353 3,700 63,146 306,624

Federal Reserve notes In actual circulation------------ 242,404

643.875 219,341 243,527 113,254 138,670

433,613 99,274 56,382 75,431 42,323 229,463 2,537,617

Member Banks of the Federal Reserve System.— Follow ing is the w eekly sta tem en t issued b y the Federal R eserve
B oard giving the principal item s of the resources and liabilities of the M e m b e r B a n k s.
D efinition s o f the different item s
in the statem en t were given in the statem en t of D e c . 14 1 9 1 7 , published in the “ C hronicle” D e c . 29 1 9 1 7 , page 2 5 2 3 .
S T A T E M E N T S H O W I N G P R I N C I P A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F R E P O R T I N G M E M B E R B A N K S I N F E D E R A L R B S E R Y I
B A N K A N D B R A N C H C I T I E S A N D A L L O T H E R R E P O R T I N G B A N K S A S A T C L O S E O F B U S I N E S S J U L Y 20 1921.

Withdrawals of Government deposits aggregating $153,000,000 and
reductions o f $57,000,000 in other demand deposits, accompanied by a
docline o f about $100,000,000 in loans and investments, are indicated in
the Federal Reserve Board’s consolidated weekly statement o f condition
on July 20 o f 814 member banks in leading cities.
Loans secured b y Government obligations show a reduction for the week o f
$4,000,000, loans supported b y corporate and other securities increased by
811,000,000, while other loans, largely o f a commercial and industrial
character, declined b y $67,000,000. Corresponding changes at member
banks in New Y ork C ity include a reduction o f $4,000,000 in loans secured
by Government obligations, an increase o f $16,000,000 in loans supported
by other securities, and a decrease o f $36,000,000 in commercial loans.
Investments o f the reporting banks in United States bonds and Victory
notes show a nominal increase. Investments in Treasury notes' declined
by $11,000,000. holdings o f Treasury certificates fell o ff about $32,000,000.
indicating the active investment demand for these short-term securities,
while corporate and other securities on hand show an increase o f $2,000,000
for the week. For the member banks in New Y ork C ity reductions o f
$3,000,000 in the holdings o f U . S. bonds and Victory notes o f $8,000,000
jn Treasury notes and o f $20,000,000 in Treasury certificates, as against an
ncrease o f $3,000,000 in other securities, are noted. In consequence o f the

above changes, total loans and investments o f the reporting institutions
declined below 15 billions, the July 20 total o f $14,941,000,000 being the
lowest since July 25 1919, and 13.5% below the peak shown on Oct. 15
o f last year.
Accom m odation o f reporting banks at the Federal Reserve banks shows
a decrease for the week from $1,154,000,000 to $1,150,000,000, the ratio
o f accom m odation to total loans and investments remaining unchanged
at 7 .7 % . In New Y ork City an increase from $312,000,000 to $313,000,000
in the total borrowings from the local reserve bank, with no change in the
ratio o f accom m odation, is shown.
As against the above mentioned considerable decreases in Government
and other demand deposits, the member banks report an increase o f $2,000,000 in time deposits. For the banks in New Y ork City reductions of
$81,000,000 in Government deposits, o f $8,000,000 in other demand de
posits and o f $2,000,000 in time deposits are shown. The much smaller
decline in demand deposits at the New Y ork C ity banks is due apparently
in part to transfers o f funds from country correspondents.
Reserve balances o f the reporting banks with the Federal reserve banks
declined about $20,000,000 and cash in vault, $17,000,000. For New
Y ork C ity members corresponding declines o f $10,000,000 and $9,000,000
are noted.

1. D a ta fo r a ll r e p o r tin g m em b er b a n k s In e a c h F ed era l R eserv e D is tr ic t a t c lo s e o f b u sin e ss July 20 1921.

T h r e e cip h e r s (000) o m itte d .

Boston. New York Phtladel. Cleveland. Rtchm'd. Atlanta. Chicago. St. Louis. M inneap. Kan. City Dallas. San Fran.

Federal Reserve District.

49

Number of reporting b a n k s__ __ _____
Loans and discounts, Including bills rediscounted with F. R. bank:
Loans sec. by U . S. G ovt. obligations. _
Loans secured by stocks and bonds—
All other loans and discounts________

112

58

88

82

$
$
36,001 248,152
199,655 1.262,393
595,333 2,693,521

$
70,347
187,404
368,110

S
61,376
335,390
672,260

Total loans and discounts_________
CT. 8. bonds__
_______ _ _________
U. S. Victory notes___________ ____
U. S. Treasury notes ______ ________
(J. S. certificates of Indebtedness______
Other bonds, stocks and securities____

821,989 4,204,066
34,910 309,351
5,939
80,286
2,123
44,831
3,392
63,078
137,436 725,204

Total loans, dlsc’ts & Investments, incl
bills rediscounted with F. R. Bank__ 1,005,789 5,426,816
71,140 579,354
Reserve balance with F. R. Bank_____
Cash in vault __ ____________________
21,230 105,256
Net demand deposits_________________
733,302 4,520,701
Time deposits. _ _____________________
175,976 418,554
Government deposits_____________ __
8,562
68,560
Bills payable with Federal Reserve Bank:
6,804 108,973
Secured by U. S. Govt, obligations__
All other____________ _______ _ ____
Bills rediscounted wl h F. R. Bank:
Secured by U. S. Govt, obligations__
5,819
19,029
All other____ _____________________
24,476 232,080

Total.

112

37

35

79

52

S
24,707
117,169
322,628

$
$
87,903
19,255
53,812 437,469
301,481 1,229,891

S
20,004
128,223
301,561

$
13,051
33,029
230,182

S
20,351
70,003
375,612

S
6,693
37,320
208,722

S
$
26,990
634,830
143,549 2,996,416
747,043 8,046,344

625,861 1,069,026
46,521 103,932
14,824
6,200
10,047
2,042
5,075
7,850
157,946 280,670

464,504
60,133
4,909
767
2,521
53,387

374,5481! , 755,263
29,830
72,152
2,516
29,392
273
4,682
804
17,905
37,167 342,954

449,788
25,939
2,270
387
649
66,774

276,262
15,661
816
282
188
21,590

465,966
32,301
3,045
67(
6,801
45,901

252,735
32,399
1,227
1,576
1,985
10,922

917,582 11,677,590
102,591
865,720
16,082
167,506
69,711
2,025
12,503
122,650
167,666 2,047,617

851,650 1,478,344
61,000
90,210
30,509
17,430
622,332 804,260
41,439 425,010
13,880
10,881

586,221
30,925
15,184
296,916
121,485
2,672

445,138 2,222,348
26,955 177,935
9,792
56,648
206,835 1,272,488
144,753 653,690
841
7,689

545,707
37,832
7,313
285,301
142,487
3,417

314,799
18,760
6,545
176,178
69,811
2,003

554,689
38,923
12.751
365,286
107,799
2,082

300,844 1,218,449
20,373
73,840
9,574
27,700
185,050 560,549
60,583 543,791
2,001
1,881

43

814

67

14,950,794
1,227,247
319,302
10,029,198
2,905,378
124,469

29,944

24,852
27

25,029

12,883

43,897

15,322

4,233
25

10,213

4,290
325

22,776
129

309,216
506

22,421
27,711

7,624
92,192

2,778
44,954

5,687
31,076

13,566
133,231

3,294
36,025

803
32,456

2,493
31,799

412
18,207

1,940
50,239

85,866
754,446

2, D a ta o f r e p o r tin g m em ber b a n k s in F ed era l R eserv e B a n k a n d b r a n c h c itie s a n d all o th e r r e p o r tin g b a n k s.

Three ciphers (000) omitted.

New York City.
July 20.

July 13. July 20. July 13.

Number of reporting banks________
70
70
Loans and discounts, incl. bills rediscounted with F. R. Bank:
$
S
Loans sec. by U. S. Govt, oblig’ns 225,750 229,498
Loans secured by stocks & bonds. 1,101,531 1,085,988
All other loans and discounts___ 2,390,395 2,426,814

O.
V.
U.
U.

City of Chicago.

51
$
61,931
316,485
786,738

52

All F. R Bank Cities. F. R. Branch Cities. A ll Other Report. Bks.
July 20.
281

July 13.
282

July 20.
214

July 13.
214

July 20.
319

Total.

July 13. July 20’21 July 13 ’21 July 23 20
320

814

816

$
$
$
S
$
,S
$
%
$
$
62,041
452,771 140,962 106,282
449,139
634,830
80,729
79,346
638,399
981.184
321,283 2,105,687 2,084,837 468,769 474,093 421,960 426,553 2,996,416 2,985,483 3,059,798
786,008 5,208,140 5,261,434 1,463,758 1,464,746 1,374,446 1,387,536 8,046,344 8,113,716
(a)

Total loans and discounts_____ 3,717,676 3,742,300 1,165,154 1,169,332 7,762,966 7,799,042 2,037,489 2,045,121 1,877,135 1,893,435 11,677,590 11,737,598

B. bonds______ _______
8. Victory note.'!___
A. Treasury notes
....................

264,470
72,015
41,393
58,949
55 J,457

264,607
74,426
49,806
78,466
548,011

20.339
12,533
1. ■16
7,658
136,390

20,444
445,170
446,074
100,126
101,876
13,023
1.557
55,906
64,429
9,280
83,128
108,525
138 981 1,118,278 1,117,459

211,430
39,127
6,200
22,555
583,504

207,175
39,935
7,742
26,400
581,564

209,120
28,253
7,605
16,967
345,835

208,959
865,720
862,208
28,665
167,506
170,176
8,463
80,034
■69,711
19,952
122,650
154,877
346,451 2,047,617 2,045,474

S. certificates of Indebtedness. .
Other bonds, stocks and securities.
Total loans fa dlsc’ts, fa lnvest’ts.
Incl. bills redlac'ted with F.ll.Bk 4,705,960 4,757,616 1,343,560 1,352,617 9,565,574 9,637,405 2,900,305 2,907,937 2,484,915 2,505,925
Reserve balance with F. it. Bank. . 537,517 547,292 123,490 121,036
897,882
909,958 189,235 195.602 140,130 141,651
Cash In vault_____________________
92,018 101,263
32,209
33,574
179,713
194,448
64,109
63,733
78,504
75,480
Net demand deposits. ___________ 4,047,793 4,056,149 875,768 887,153 7,030,718 7,057,105 1,505,391 1,575,070 1,433,089 1.453,691
f Ime deposits____________________ 255,052 257,362 314.040 313,777 1,340,822 1,345,417 914,060 908,850 650,4.90 648,820
Government deposits .
.........
66,647 148,132
11,269
4,314
30,409 . 9,829
101,178
225,531
J3,462
21,977
Bills payable with F. ft. Bank:
Boo'd by U . B. Govt, obligations.
89,773
90,026
176,954
17,229
176,295
47,023
16,647
86,505
45,757
87,531
All other______________________
.
_____
545
186
379
320
B i l l ; rediscounted with F. R. Bank:
Bec'd by U. B. Govt, obligations..
17,557
16,648
59,714
59.114
8,586
9,352
8,806
10,030
16,122
17,418
All other_______________________
205,340 204,400
70,204
515,042
77,456
515,058 116,657 113,732 122,747 128,782

Ratio of bills payable fa. rediscount/
with F. ft. Hank to total Joan
and Investments, per cent
a Comparable figures not avallab e.

66

6.6

7.8

814

7.7

7.9

7.8

7.6

7.5

7.2

7.4

(a)

873,818
194,266
462,099
(a)

14,950,794 15,051,267 16,878,921
1,227,247 1,247,211 1,388,021
319,302
336,685
360,887
10,029,198 10,085,866 11,426,887
2,905,378 •2,903,087 2,715,438
277,917
124,469
142,276
309,216
506

310,849
924

713,402
4,163

85,866
754,446

85,118
757,572

258,533
977,332

7.71

7.7

1 1 . 6

THE CHRONICLE

508

w h ic h th e r e h a s b e e n a g o o d d e m a n d , a t a d v a n c i n g p r ic e s in

fiauluers' (Gazette.

so m e oases.

Wall Street, Friday Night, July
R a ilr o a d

and

M is c e lla n e o u s

D a ily Record o f L iberty Loan P rices.

29 1921.

of

speedy

V%% a t

fin a n c ia l

S to c k s. — T h e

fa v o r a b le

th e S to c k E x c h a n g e , th e p ro sp e c t

r e lie f

to

th e

r a i lr o a d s

of

th e

c o u n tr y

t h r o u g h a n a g r e e m e n t w it h t h e G o v e r n m e n t r e g a r d i n g w a r 
t im e

o b lig a tio n s

June,

now

and

c o m in g

th e

in

fa v o r a b le

have

m ore

r e p o r ts

th a n

of

e a r n in g

not

been

o f a s e r io u s n a t u r e ,

fo r

o ffs e t w h a te v e r in 

f lu e n c e s h a v e a p p e a r e d o f a n a d v e r s e c h a r a c t e r .
have

how ever,

T h e la tte r

and

r e s u lt e d

c h i e f ly in m o r e o r le s s s p e c u l a t i v e a c t i v i t y o n t h e s h o r t s id e
of

th e

sto c k

sh ow ed

a

U n ite d

m a rk e t.

la r g e

The

d e f ic i t

D rug got

C e n tr a l

and

a b la c k

a

L ea th e r an n u al rep ort

reduced

e y e , so

d iv id e n d

to s p e a k ,

fo llo w e d .

in B o s t o n

and

d r o p p e d fr o m 8 3

>2

o n M o n d a y t o 5 4 o n W e d n e s d a y i n t h is

m a rk e t.

it

has recovered

L a ter

C o r p o r a tio n ’s
had

been

p o in ts

q u a r te r ly

e x p e cte d

h ig h e r t h a n

in c lu d in g

P ie r c e

report

and

fe e b ly .

w as

le s s

th e c o m m o n

la s t w e e k .

A rrow

and

The

Som e

S.

S te e l

u n fa v o r a b le

th a n

s o ld

U.

to -d a y

o f th e

S tu d e b a k e r,

n e a r ly

2

m o to r sto c k s,

have

i n c li n e d

to

w e a k n e s s , o th e r w is e th e a c t iv e in d u s tr ia ls h a v e b e e n s tr o n g
a n d s e v e r a l a r e 2 o r m o r e p o i n t s h ig h e r t h a n la s t

w eek.

a c t i v e r a i l w a y s h a r e s h a v e m o v e d t o a h i g h e r le v e l .

A ll

P enn,

h a s g a in e d 2 1 1 p o in ts w it h in th e w e e k , G r e a t N o r t h e r n

3 )4

a n d N o . P a c ific 4 .
T h e b o n d m a r k e t c o n tin u e s to r e fle c t th e p r o v e r b ia l J u ly
in v e stm e n t

dem and,

now

m ore

pronou nced

High
j Low
3 % % bonds of 1932 47
(First 3 % s)
i c 'lose
Total sales in $1,000 units
Converted 4% bonds ol i High
1932 47 (First 4s)
Low
i t Hose
Total sales in *1,000 units
Converted 4 1( % bonds ol High
1932 47 (First 4 ‘ , a)
( l.ow
it'lose
Total sales In s i ,000 units.
Second Converted 4 % % High
bonds of 1932-47 (First; Low
Second 4 % s)
(Close
Total sales In $1,000 units
S e c o n d L ib e r ty l o a n
[ High
4 '; bonds of 1927 42
{ Low
(Second 4s)
[Close
Total sales in 81,000 units.
Converted 4 % % bonds of High
1927-42 (Second 4»Is) ( Low
[ Close
1otal sales In 5 1 ,000 units .
1 h lr d L i b e r t y L o a n
, High
i'i%
bonds of 1928
( Low
(Third 4 % s)
( Close
i otal sales in 31,000 units.
I o u r t h L ib e r ty L o a n
1 High
4 V ; bonds of 1933-38
Low
(Fourth 4%s)
Close
Total sales In S1.000 units.
V ic to r y L ib e r ty L o a n
1 High
4% % notes of 1922-23
: Low
(Victory 4 % s)
i Close
Total salesln $1,000 units
3% % notes of 1922-23
High
(Victory 3%s)
( Low
(Close
Total sales in 81,000 units. —
E rst

F e d e r a l R e s e r v e R a n k s h o w i n g in its w e e k ly r e p o r t , a d r o p in
c a l l lo a n r a t e s to 3

[V ol. 113.

th a n

u s u a l.

L ib e r ty

Loan

J u ly 23 J u ly 25 J u ly 26 July 27 J u ly 28 J u ly 29

87.20
87.06
87 16

87.10
86.96
87.06

87.20
87.02
87.06

87.20
87 02
87.20

87.82
87.28
87.60
708
87.66
87.00
87.66

204

482

425

87 74
87.60
____

____
__ rJ

__ i_

87.80
87 56
87 64
73

87.74
87.02
87 64

87.88
87.60
87.72

87.98
87.80
87.86

54

87.64
87.52
87.50
38

2 47

179

87.30
87.30
87.30
3
87.56
87 42
87-52

87.30
87.30
87.30

87.30
87.30
87.36

87.36
87.36
87.30

87.50
87.50
87.50
87.80
87.60
87.78

331

5

87.68
87.50
87.52
37

88.14
87.60
88.04
353

4

•

87.22
87.22
87.22
1

87.50
87.26
87.36

1

5

1

87.56
87.44
87.44

87.50
87.34
87.50

87.64
87.40
87.02

1

>02

8 26

6 05

746

932

1 .0 0 7

91.54
91.46
91.50

91.54
91 44
91.48

91.54
91.40
91.40

91.50
91.44
91.50
768
87.58
87 40
87.58

92.00
91.52
91.92

92.10
91.80
91.92

2 85

381

4 ,5 4 2

87.68
87.48
87.52

87.68
87.54
87.58

87.68
87.50
87.54

1 .7 3 5

291

87.78
87.50
87.74

88.00
87.70
87.94

608

1 ,1 1 8

1 ,1 8 2

1 ,2 3 9

1.2 6 1

2 ,7 1 8

98.44
98.40
98.44

98.45
98 40
98.44

98.48
98.42
98.40

98.30
98.26
98.48

98.60
98.46
98.00

98.66
98.58
98.66

506

____
____

2 ,1 0 3

2 ,2 7 2

1 ,2 2 4

2 ,1 7 1

1 ,8 3 0

98.46
98.44
98.46

98.40
98.46
98.46

98.48
98.48
98.48

98.58
98.50
98.58

98.64
98.64
98.04

383

10

356

1 .2 6 1

420

—

Note.—

T h e a b o v e t a b le i n c lu d e s o n l y s a le s
bon d s.
T r a n s a c t i o n s in r e g is t e r e d b o n d s w e r e :
15 1st 3% s
87.00
31 4th 4 4 s ____
1 1st 4 '4 s
87.30
74 Victory 4 4 s
21 2d 4 4 s . .
87.20 to 87.58 10 Victory 3 4 s
31 3 d 4 %s _ .
91.30 to 91.92

of

coupon

87.32 to 87.74
98.24 to 98.40
98.40

S t e r l i n g E x c h a n g e d r o p p e d t o S 3 5 6 , b u t t h is m a t t e r s e e m s
no

lo n g e r

to

a ffe c t,

as

fo r m e r ly ,

o th e r

s e c u r i t ie s

in

t h is

F o r e ig n

E x c h a n g e .— S te r lin g

e x c e p t i o n a l ly

m a rk e t.
T h e f o l l o w i n g s a le s h a v e o c c u r r e d t h is w e e k o f s h a r e s n o t
r e p r e s e n t e d i n o u r d e t a i l e d lis t o n t h e p a g e s w h i c h f o l l o w :
STOCKS.
W eek en d in g J u ly 29.

Sales
fo r
W eek

R ange s in ce Jan . 1.

R ange f o r W e e k .
L ow est.

[

H Ighesl.

L o w e st.

H igh est.

S p er sh a re.
$ p er sha re.
S p er share 5 p er sh a re.
5 84
July 29 84
July 29 84
Jul> 84
July
200 47% July 28 47% July 28 43% Jan 48% May
Junt 29
60C 15
July 28 17
July 25 15
Jan
July 26 66% Jan 75% Mar
200 68% July 27 69
July 25 103
July 26 95
200 100
Jan 112% M ay
700
1 July 28
1
Juh
3% Jan
1% July 28
700 12% July 29 14 July 23 12% June 23% Apr
July 25 925
July 29 820
9 875
June 1125 M ay
40C 17 July 28 IS July 26 14% June 35
Jan
% July 27
900
% July23
I
Jan
% M ay
July 2S 51
Jan 72% M ay
20C 65 4 July 25 66
200 2% July 25 2% July 25
2% July
5% Jan
July 29 25
July 29 23% June 44
100 25
Jan
July 26 7
July 26
100 7
5
June 7% M ay
July 27 50% July 28 50
300 50
June 63
Jan
July 27 36% June 62% Jan
July 27 40
100 40
100 60% July 29 60% July 29 60% July 65% Jan
July 29 35
July 29 23
Mar 44
100 35
M ay
16 630
July 23 635
July 23 625
July 690
Feb
200 37% July 28 38% July 27 37% July 40% M ay
July 25 40% June 53
July 25 41
200 41
Jan
100 75% July 29 75% July 29 68
Mar 79
Jan
Mar
600 57
July 27 59
July 28 35
M ay
62
200447
July 25 151
Apr 153% M ay
July 27 137
200 95
July 26 95
July 26 93% Jan 98% Apr
200 3% July 27 3% July 27
M ay 7
3
M ay
600 30 % July 23 33% July 29 30% July 45% M ay
July 28 14% July 25 12% June 21% M ay
SOO 14
100 15% July 26 15% July 26, 14% Mar 21
Jan

Par Shares

Allegheny & W e st. . _ 100
Am Bank Vote p r e f . ..5 0
American C h lcle-.n o pai
American Radiator— 25
American Snuff_____101
Assets Realization___ 10
Atlantic Petroleum. _ .25
Atlantic Refining. . 100
Barnsdall class B .
25
BatopilasMi ning
2C
Brooklyn Union Gas. 100
Brunswick Terminal. 100
Certain-Teed Prod no par
C & E Ills tr rects 1st pd
C St P U i O m ah a.. 100
Cluett.Peabody&Co .100
Continental Insurance 25
Davison Chemical.no p ar
Eastman K odak___ 100
Elk Horn Coal pref— 50
Gen Am Tank Car.no par
Kayser (Julius) & Co 100
Kelsey Wheel, In c__ 100
Liga St Myers cl B ..1 0 0
Loose-Wiles 1st prel. 100
Market Street R y __ 100
Prior preferred____100
Marland Oil .
.n o p ar
M a rtin -P a rry____n o p a r
Maxwell M otor 1st prel
ctfs dep stamped asstd,
200 4%
M axwell Mot CorpBno par
300 10
Mullins B od y. . . n o p a r
100 19
Otis E levat-or______ 1001
400 92
Pacific Mail SS.
5
100 10
100 65
Phillips-Jones____n o p ar
P Ft Wayne A C pref 100
150 120%
Pittsb Steel pref____100
500 79%
Shattuck Arizona___ 10,
100 7
So Porto Rico Sugar. 100
100i 40
200; 90
Standard Milling__ .100
Standard Oil of C al__ 25
900 73%
Tem tor C&FP cl A n o p a r
500 7
Third Avenue R y __ 100 1,900 15
Tidewater OH_______ 100
100 125
200 15%
T ol St L & West pi tr rec
United Drug. _
100 54.400 54
1st p re fe rre d __
.50 1,100 36%
United D yew ood___ 100
100 30 %
WeberAHeilbroner n o par
100 11%
Wright Aeronaut.no p ar 1.100 7%

July 29 4%
July 25 10
July 27 19
July 28 94
July 29 10
July 28 65
July 25 120%
July 28 80
July 28 7
July 27 40
July 2S 93
July 26 74%
July 29 8%
July 25 16%
July 27 125
July 25 17%
July 27 83%
July 27 40 %
July 29 30 %
July 28 H i ,
July 25 S %

F o r v o l u m e o f b u s in e s s o n N e w
p h ia a n d B o s t o n

July 29* 3
July 25! 8
July 271; 17%
July 25"Jr90
July 29 10
July 28 37%
July 25 118%
July 28 79
July 2S
4%
July 27 35
July 27 90
July 29 67?:,
July 27
7
July 27 13
July 27 125
July 29 15%
July 25 54
July 2 7 36%
July 29 30%
July 28
8%
July 29
6%

M ay 9%
June 10
July 28%
July 148
July1 17%
Apr 65
July 120%
Mar 85%
Jan 7%
June 103
July 111
June 74%
July 25%
Jan 20%
July 175
July 20
July 106
July 47
July 50
Jan 13
June 8%

Jan
June
Jan
M ay
Jan
July
July
M ay
M ay
Jan
Apr
July
Jan
Mar
M ay
Jan
Jan
Feb
Jan
Jan
July

Y o r k , B o s t o n , P h ila d e l

e x c h a n g e s , see p a g e 5 0 4 .

S t a t e & R a i l r o a d B o n d s . — N o s a le s o f S t a t e b o n d s h a v e
b e e n r e p o r t e d a t t h e B o a r d t h is w e e k .
T h e g e n e r a l b o n d m a r k e t h a s f u r t h e r i n c r e a s e d in a c t i v i t y
a n d b u o y a n c y o f to n e .

S e v e r a l o f th e fo r e ig n G o v e r n m e n t

lo w e r .

In

narrow

lim its ,

C o n tin e n ta l

exchange

w ith

th e

exchange,

m oved

tre n d

w ith in

f r a c t i o n a ll y

m o v e m e n ts

w ere

m ore

e r r a t i c , w i t h lir e c o n s p i c u o u s fo r w e a k n e s s .

To-day s (Friday's) actual rates for sterling exchange were 3 5 0 6 3 50 %
for sixty days, 3 55%@3 5 6 4 for checks and 3 55%@3 5 6 4 for cables.
Commercial on banks, sight, 3 54 4 6 3 55%; sixty days, 3 43 4 6 3 49%;
ninety days, 3 4 3 4 4 % , and documents for payment (sixty days),
3 49 4 6 3 50%. Cotton for payment, 3 54 4 6 3 55%, and grain for
payment, 3 5 4 4 6 3 55% .
To-day's (Friday's) actual rates for Paris bankers’ francs were 7.4667 .5 4
for long and 7.52 6 7 -6 0 for short. German bankers’ marks are not yet
(luoted for long and short bills. Amsterdam bankers’ guilders were 3 0 .2 2 6
30.29 for long and 30.586 30.65 for short.
Exchange at Paris on London, 46.95 fr.; week’s range, 46.23 fr. high and
46.95 fr. low.
The range for foreign exchange for the week follows:
Sterling A c tu a l —
S ixty D a y s .
C hecks.
Cables.
High for the week............ .........................
3 53%
3 58%
3 59 4
Low for the week--------------------------------------- 3 50
3 55%
3 55%
P a ris B a n k ers' F ra n c s (in cents p er fra n c ) —
High for the week_________________________ 7.67
7.75
7.76
Low for the week___________
7.46
7.54
7.55
G erm a n y B a n k ers’ M a r k s —
High for the week________________________ _____
1.29
1.30
Low for the week_________________________ _____
1.20%
1.21%
A m s te r d a m B a n k ers’ G u ild ers —
High for the week__________________
.30.93
31:34
31.39
Low for the week__________________________ 30.10
30.51
30.56
D o m e stic
25o.
par.

per

E x c h a n g e .— C h ic a g o ,

S I .000

M o n tr e a l,

d isc o u n t.
S I22 50

par.

B o sto n ,
per

S t.

p ar.

$ 1 ,0 0 0

L o u is ,

San

15@

F r a n c isc o ,

p r e m iu m .

C in c in 

n a ti, p a r.

Curb Market.—

B eyond

a

t o t h e c u r b m a r k e t t h is w e e k .
p r ic e s c h a n g e d v e r y l i t t l e .

ste a d y

to n e ,

th e re

w a s little

T r a d in g w a s n o t a o tiv e a n d

C i t i e s S e r v i c e is s u e s w e r e a g a i n

p r o m in e n t, th e c o m . a d v a n c in g fr o m

1 1 6 to 1

2

0

w i t h th e

c lo s e t o - d a y a t 1 1 9 .
T h e b a n k e rs sh ares rose fr o m 12 to 14
a n d f i n is h e d t o - d a y a t 13% .
G le n A ld e n C o a l
eased o ff
f r o m 3 4 bs t o 33% , r e c o v e r e d t o 3 4 % a n d e n d s t h e w e e k a t
34 }A .
D u r a n t M o t o r s g a in e d a p o in t a n d a h a lf t o 2 9 , b u t
r e a c te d to 2 8 .
C o n l e y T i n F o i l a d v a n c e d f r o m 1 2 4 .! to
1 4 % , w ith th e fin a l tr a n s a c tio n a t 1
4
Intercontinental
R u b b e r w e a k e n e d f r o m 8 % t o 7 3 2 a n d c lo s e d t o - d a y a t 7 % .
I n t e r e s t i n o il is s u e s w a s s m a l l e r .
A rk a n sa s N a tu ra l G a s,
a f t e r a d e c lin e f r o m 9 %
t o 8 % , s o ld u p t o - d a y t o 1 0 % ,
th o u g h th e fin a l tr a n s a c tio n s w e re b a c k a g a in to 9 % .
In te r
n a tio n a l P e tr o le u m
i m p r o v e d a t fir s t f r o m
11 t o 1 1 % ,
r e a c t e d t o 1 0 % a n d s o ld f i n a l l y a t 1 0 % •
M a r a c a i b o O il
r o s e f r o m 2 0 3 2 t o 2 2 % , c lo s in g t o - d a y a t 2 1 5 § .
C a r ib S y n d i
c a te flu c tu a te d b e tw e e n 4 a n d 4 % .
M e r r i t t O il w a s o f f f r o m
8 to 7 % .
M i n i n g s h a r e s w e r e d u ll b u t s t e a d y .
B o n d s w ere
a c t i v e a n d h ig h e r .
I n t e r b o r o R a p i d T r a n s i t 7 s w e r e b y fa r
t h e m o s t a c t i v e , b e i n g h e a v i ly t r a d e d in u p f r o m 7 7 to 8 2 %
a n d d o w n f i n a l l y to 8 0 % .
A c o m p le te r e c o r d o f c u r b m a r k e t tra n s a c tio n s fo r th e w e e k
w i ll b e f o u n d o n p a g e 5 1 8 .

a n d M u n i c i p a l is s u e s h a v e le d i n t h e g e n e r a l u p w a r d m o v e 
m e n t of in v e stm e n t b o n d s.

O f th e u s u a l lis t o f 2 5 p r o m in e n t

r a i l w a y s a n d i n d u s t r i a l s o n l y o n e c lo s e s }^
th a n la s t w e e k a n d tw o a re u n c h a n g e d .

A ll o th e r s a re an

a v e r a g e o f 1 t o 2 p o i n t s h ig h e r .
U n ite d

S ta te s

Quotations for Short-term U.S.Governm't Obligations.

o f a p o i n t lo w e r

B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t

th e B o a r d a re lim ite d to th e v a r io u s L ib e r t y L o a n is s u e s , fo r

M a tu r ity .

S e p t.15
Sept. 15
Get. 15
Oct. 15

1921___
1921___
1921___
1921___

In t.
R a te.

5% %
6 e'o
5%%,
5% %

B id .

100>»«
100%,
lo o t.

A sk ed .

M a t u r i ty .

100%. D ee. 15
....
Feb. 10
100%,. Mar. 15
100% June 15
June 15

1921___
1932___
1922
1922
1924

In t.
R ate.

0%
5VT
5% %

B id .

.4Sited.

100%
100%
100%
100%
100%

100%
100%
100%
100%
100%

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

509

O C C U P Y I N G THRICE P A G E S
F o r lulun d u r i n g t h e w e e k o f atoclca u s u a l l y I n a c t i v e , see p r e c e d i n g p a g e .

HIGH AND LOW SALE PRICE-- PER SHARE, NOT PER CENT.
Monday
July 25

Saturday
July 23

Tuesday
July 20

$ per share $ per share
a**4 tt-t >2 .VI'2 Vi-M
78% 7N_'h 78%
*78
3%
3%
88
88
89%
#88
39 % 39 >4 39%
39
52
52 % 52 %
I 0 % 10 %
1l
11
*6 % 7% *6 % 7%
1 1 2 % 113% 1 1 2 1 2 113%
*55 % 56
55% 50%
*°8
1%
*"8
—
—
7%
7%
7% 7%
1 / '8 17% * I7
18
27% 27% 27% 27%
4 184 42
42% 42%
*04
00
64% 65
99 '8 99-8 *981.1 100
00
33% 32% 33%
70 M / 5 >4 75
7;>%
*1)3*2 65
64
64%
—
—
—
—
—
—
---37% 37% 37 14 37%
—
—
—
—
—
--- - - -- - —
99
99
99% 100
190
tI 190
‘8
'8
•8 1
Z
2%
1'8
+01 •> 4
*5
/
*5
8
1 3 % 13%
13% 13%
19'8 20
19% 2 0
14
14l2 14% 14%
69% 70
69% 70%
27 m 2 /I 4 27% 27%
*6
9
*20
*20
23
92% 93%
93% 93%
3%
o 12
3% 3%
1X
*1U
11% 11%
281s 26% 25% 26%
49^4 5U
50
50%
1 2 12 * 1 1
12 %
*2 1 % 23
2 1% 2 1%
52 m 52% 52% 52%
113% 113% 113% 114
43% 43%
12 % 12 %
*o±
08
*64
68
—
—
*2
2%
2
2%
4
*ol2
3*8 3%
2 0 12 Z 1 x4 2 1
2 1%
40
41]8 41
4112
*0*2
4*2 *3% 4%
0z
*48
52%
71% 71% 71%
71
o4
53% 53%
*50
63
*60
64
61
*59
60
60
l
o
12
18*4
18% 18%
17'8 17 '8
18
18
90*2 96
96%
/ 3°8 /4*2 74% 7434
0 0 % 0 0 M 35% 3534
20% 2 i
20% 2 1
o4
*50
—
—
40
*34
38
38
27% 28% 27% 28
75
*73
____ ___ _ _
70
69
69% 70%

. -— ——
-— —

mm

25%
32-8
26%
3o
6%
10 %
78
20%
46
23%
43
12 0 %
64%
*8
9
20% 20%

2478
32%
26%
36
*5%
*9
77%
20%
45%
*2 2 %
*37
12 0 %
*63%

8
8
2 1 % 22

24% 25
34
*30
26% 27%
35% 35%
5%
6
10 % 10 %
77% 781)
20% 21
45 % 46
23
23%
*37
43
119% 12034
64
64%
8%
8%
*19
20
8
22

*14%
*9%
19%
24
62%
8%
16%
*28

*14%
10 %
19%
19%
24% 24%
62% 64
9
9
16%
16%
28
30

42%
*13
*39
*30 2

4,3
16
50
34
23

21

16

10 %

5j,

%

1%

l r>8
38% 3 H1>
32
mm m — —

35%
*59
80%
*52
81
125%
*109%
*18%.
*36
4%
*116
11

51 %

*8%
25%
*57
83
*102%
4%
6%

44%
15%
*39
31
23
%

*1 %

8
22%

16

10 %

19%
25
64
9%
17
29%

%
1%

40% 44% 46% *440
16
*13% 15
*13
47
*39
50
*38%
30%
24
22
23
22
%
1%

%
1%

38% 38% 38
88% 88%
/3 J% 31% 31% 32
31%
32
*72
78
73
36% 36
36
36
36
36
62
*59
*60%
65
*60%
31
31% 31% 30% 31%
30%
*52
65
*57
60
70
*59
33
33
38
27%
7
27% 27% 28% 27%
82
*81
82
8J
*80
82
126
126% 123%
125% 127%
111% ♦1090; 11 1% * 109% 111 % *109
*18%
19% *18% 18%; *18% 20
42
42
*36
42
*36
*36
*4 % 4%
4%
4%
4%
4%
120 *116% 120
120 J20 *J J7
*11
1J
11% 10%
J 1% n
51 % 52% 52% 51% 52% 51
57
57% *55
58
*60
66 %
o» r
34% 35% 34% 35% 33%
9
9
9
*8r>v 9
9
25% 25% 25% 25% 25
25%
61
*57
61
*55
63
♦57
84
84% 85
84% 85
84
J05% *102 106 *102 106 *102
4
4
4%
4%
4
40
6%
6%
7%
7%
7%
70,

* Bid

88% 88%

nod aiked pi
for share. to stock

Thursday
July 28

Friday
July 29

$ per shard $ per share $ per share $ per share
84% 8 518 84% 85%
8412 86*M $84% 85
78% 78'% 78% 78%' *78
79
78?S 78%
■2'% 71
Z 12 2%
2 % 2%
2%
2%
*88
890
89% #87% 89% 89
88
88
39%
39
39
39%
39% 38% 39% 39
53
53
53
53
53
530 $52
52
11
11
11
12 %
1 1% 1 2 %
12
13
*7
8 i«
7%
7%
7%
70
7%
8%
1 1 2 % 113% 1 1 2 % 1 13% 1 11 % 113
112
1 13 0
*55
56% 55% 56*4 56
56% 56
56%
+(
1
1
1%
1
1
*1
1%
7%
8
7%
*7%
8
7% *7%
7%
17% 17% *17
18
170 17=>8 17% 17%
27
'A7% 27% 28
27
27% 27% 27%
42
41% 42% 41 % 42 0
42
430
43
65
65% 65% 65% 65% 67
66
6612
100
*98 100
100
100
100'8 *99% 10 1
32% 33% 32% 33
32 % 33% 32 >2 33%
74
75
75
74% 74% 74
74
74%
64% 64
63% 64
64% 641.1 63
64i.|
—
*37
40
—
—
—
—
*61
62% —
61
62% —
—
___
37
37% —
37% 37% 37% 37
_ i __
*5212 53
53
53
—
—
*45
48
—
—
—
___
100
100
*98 100
*98 100
*99% 10 1
190 190
185 187
185 185
189% 190
1
1
—
—
%
'8
78
*%
1%
1%
2%
1%
1'8
1%
1%
1%
*219
4
*2 % 4
3
3
*2 19 4
*5
*5
8
*5
8
7
*5
9
13% 13%
13% 14%
13% 13%
13% 140
20
20
20%
2 0 % 20
20
20%
200
14% 14%
14
140
14% 14%
14% 141S
69% 69% 69% 700
69% 71% 71
72%
27°8 27:>8 27% 27% 270 27% *270 28
*7
*6
9
9
7
*6
7
9
*20
*20
23
23
*20
23
94
93
93% 94
94
*90
94
94
4
4
4
4
3%
3% 40
3%
*10 % 1 1 % 1 1 % 1 2 % 1 1 % 1 1 % 1 1 0 12
25% 26% 25% 260
25% 26% 26
260
49% 50
49% 50
50% 500
490 49%
* 11
14
14
* 10
* 11
15
* 10
14
2 2 % 23
*20
23
23
*21
23
23
51% 52% 51% 520
52
53% 53% 540
113 113
111
113% 113% 113% 114
112 %
*44
46% 48
45
49
49%
45
450
12
1 2 % 1 2 % * 1 1 % 121.1
12 %
12 % 12 0
*64
67
680 *67
68
*64
68
68%
*82
90
90
*82
90
*82
___
____
2%
2%
2
2%
2%
2%
____ — _i_
4
4
*3% 4
4
*3%
21
2 1%
20
20% 21
2 10
20 % 20%
40% 41% 40% 41
40% 41% 40% 41%
419
*3%
3% 3% *3%
4%
*3% 4%
52
52
52% 55
54
55
55
*50
71
71%
71% 71
7112 72% 71% 72%
*52
54
54
*51
53% 53
51% 52
64
*60
64
64
*60
*60
64
*60
*59
61
*59
61
61
*59
*59
61
18% 18% 18% 18% 18% 18% 160 180
*]7L 18%
18
18
18
17% 17% 18
96% 96
96
96
*94
96
95% 96
74% 75% 74=>8 76%
74% 75
760 77%
35% 36% 36
36% 36% 37% 370 38
20% 20%
21
21%
20% 2 1 %
20% 21
____ ____ *54
51
51
55
54
*50
____ _ __ *38
39
39
40
*38
40
*27
28
28
28
270 28% ___ ^ ___
_;=£ ___
74% 75
75
*73
75
*73
69% 69% 6 8 % 69% 68 % 700
690 70%
39% 39%
40
40
24% 25% 24% 24% 24% 250
24% 25
32% 33
33
33% 35
37%
*30
33
26% 27
26% 27
26% 27% 26% 270
36
36
35% 35% 35% 36% *35
37
6
6
6
6%
6%
*5%
*5%
0
___ ____
*9
11
9%
9% *9
11
7 7 % 78%
77% 78% 780 79% 78% 79%
20% 21
2 0 % 21
20% 20 %
2 0 U 20%
46
46
45% 47
45% 46
4612 46%
23
28% 23% 24% 240 250
24% 260
*36
*36
43
*36
43
43
*38
43
1 2 0 % 1 2 0 % 1.19% 1 2 0 % 119% 1 2 1
12 0
1210
64% 65
64
65
65
*640 65
65
*8 % 9
8%
80
8%
8%
8%
8%
19% 2 0 % *19
20%
19% 19% *19
20%
8
7%
8
7%
7%
8
*7%
8
22%
22
22
22% 22%
22
22%
220
*15
17
*14
16
16
* 14
*14
19
____ ___
10
10
10
10
10
10
____ ___ *18
19%
190 190
190 19%
25
24% 24% 25
24*4 25
250 25%
___
*60% 65
65
65
*63
*63
9
9
5
3
9
8%
9
9
*16% 18
*16% 170 *16
17
17
170
__
28% 28% ____ ___
- - 280 28%

44%
44%
15% *13
47
*39
31
24%
23%
%
1%

Wednesday
July 27

%
1%

38%
32
73
36

84%
90
25
6J
85%
106
4
7%

*%
1%

*%
1%

38
38%
880 8 8 %
30% 31%
35%
*60
30
*57
32%
270
*81
122 0
* 109

30%
70
33
280
82
1260
111%
J9%
42
*36
4% *4%
122 *118
J1
10 %
51% 52%

cm*, no wHetton t fit e d a y ,
f,t ( ,,<.u a Iden

*%
1%

45
44% 44%
15
15
*13
.-,11
50
*39
30%
30% 30%
2 2 % 23 " 23

35%
30
70
32%
27%
82
124
111%
42
4%
122
11

630

360
87
31
35%
*59
30%
*60
300
260
810
122%
* 109
18%
*38
4%
* 1J7
*10%
*52

63
OO
33% 32%
*8%
9
*8%
25
24%
♦57
62
*57
79% 84 0. 80%
* 102 106 *102
4
4
4
6%
6%
7

t

Ex rights,

Sales
for
the
Week.
Shares
9,750
4 50
500
500
16,500
1,400
4,800
1,700
15,100
4,500
200

300
600
1,2 0 0

5,800
9,900
3,900
465
24,800
1,300
1,300
200
200
l ,000
100

____

1,1 0 0

800
1,400
6,400
100

_____
11,500
4,900
2 ,2 0 0

19,300
1,600
100

1,500
8,950
2 ,1 0 0

7,200
2,030

525
4,200
3,300
1,800
1,500
200

2,400
300
7,900
10,900
100

1,600
12,600
600
200

8,900
900
1,500
27,900
22,900
4,700
100

300
2,700
200

23,000
200
200

6,500
3,200
6,900
2,0 0 0

800
400
47,800
6,300
2,800
21,800
10,700
1.2 0 0

500
600
2,800
6,600
_____
1 ,1 0 0

800
3,500
300
1,800
800
1,400
3,100
100

38%
87
31%

300
6,800
1,500
1,700
5,400
600
3,600

36

1,500

30%
700
32%
27%
810
124

1,0 0 0

%
1%

10 0

2,600
7,800
300
8,300

111

19
41
4%
122
110

53

63
33%
9
24%
62
82
106
4
70

200
1,000
100

700
3,200
200
100

7,100
400
1,000

12,700
2,000

6.800

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

1

HiQhett

PER SHARE
Ranoe for Preoiont
Year 1920
Lowest

1

Higksst

Railroads.
Par % per share4 % per share S Dir share Z tar aharm
Atoll Topeka A Hanfca Fe._l00
77% Juno21
85% July28
tiOXu Mf.f
76
Feb
Do prof — .................... 100
75% Jan 3 79%Jan 24
72 May
82
Jan
Atlanta lilrrn A A t l a n t a . 100
2i/i Feb 26 1
7% Jan 4
4% Deo
12%
Atlantic Coast IAno RR__ 100 77
Apr27 | 89% Ju|y28 zH‘2 Deo
Baltimore A O h i o ............4 00
30% M arti
42% May 9
27% Feb
49% Oot
47 Mar 14 54 Jan 11
Do prof.......................... 100
40% June 54 ' O 01
Brooklyn Rapid Transit--100
9% J unol 3
14%Jan 26
9% Aug
17 Mar
Certificates of dopo 8lt__
6 % June 17
10 Jan 25
5% Sept
13 % M ttf
Canadian Pacific- ________ 100 10 1 JUMO20 119% Jan 11 109% Dec 134
Jan
Chesapeake A Ohio_______100
46 Juno20 65% May 9
47 ' Feb
70% Nov
% Apr28
Ohio A East Illinois trust roots
6 % Jan 29
4
Feb
16 Bopt
Do prof trust roots--........
% Apr28
6 % Jan 31
3% Dec
17% Bept
6 % June23
Chicago Croat Western__ 100
9% May 9
14% Oot
6 % Dec
Do prof______________ 100
14 June18 20% May 9
15% Dec
33% Oot
22
June20
Chicago Mllw A 8 t Paul. - . 100
31 Jan 12
2 1 Deo 44% Nov
32 June21
Do pror______________ 100
46%Jan 12
36% Deo
65
Oot
60% Aprl4
Chicago A Northwestern-_100
71 Jan 11
91% Mar
60 Dec
95 July 1 110 Jan 24
Do prof---------------------- 100
Jan
98 June 120
22% Marl 1 3 4 % May 18
Ohio Rock Isl A Pao______100
41 Mar
21% Deo
7 preferred..................... 100
68 % Mar 12
78 May 10
84% Oot
64
Feb
56%June2t
8 % preferred__ ____ __10 0
67% May 10
54 Feb
71% Oot
32 .June21
Clev Cln Chic A St Louis. .100
48 Jan 20
62 Bepi
31% Deo
60
Feb
3
Do pref.... ................. -.100
66
Mar 3
69
Oot
60 Deo
27% Jan 8
Colorado A Southern____ 100
39% May 6
36% Oot
20
Feb
49 Jan 3 53% Apr27
Do 1st pref.................. .100
54
Oot
46 July
42 Jan 26 47% July 7
Do 2 pref........................ 100
46
Deo
35 Aug
90
Aprl4 103% May 11
Delaware A Hudson______100
Oot
83% June 108
Delaware Laol A Western. 50 M76 June20 249 May 16 165
Feb 260% Bapt
% June30
Denver A Rio Grande___ 100
2% Jan 29
9
Jan
% Nov
1
Mar 2 1
4% Jan 31
Do pref_______________100
% Nov
16% Feb
1% Mar24
4% Jan 3
Duluth S S A Atlantic___ 100
3 May
8
Oot
4% Feb 23
7% Jan 17
Do pref________ ______ 100
12% Oot
5% Deo
11% Marl2
Erie__________ __________ 100
15% May 9
21% Sept
9% Feb
16% June21
22% May 9
Do 1st pref.............. ..... 100
16% Dec
30% Oat
11% Apr! 4 15% Jan 12
22% Sept
Do 2d pref- _________ 100
12 Deo
60 June14 79% Jan 29
Great Northern prer.......... 100
65%June 91% Nov
25% June24
Iron Ore properties.N o par
32% Mar 4
41% Mar
24% Dec
7 July21
Gul M ob A Nor tr ct s__ 100
11% May 10
17% Oot
7
Jan
20 June24 26 Feb 1
18% Deo
Do prel______________ 100
35% Oot
85% MarlS
94 July27
Illinois Central.................. 100
97% Oot
80% Feb
3% Junel3
5% Jan 25
Interboro Cons C orp_.N 0 par
6 % Oct
3 Aug
9 Junel3
16 Jan 25
Do pref______________ 100
8 % Dec
17% Nov
18% Feb 7 28% May 6
Kansas City Southern___ 100
27% Oot
13% May
45% Jan 25
52 Mar 30
Do pref______________ 100
40 May
62% Oot
10 M a rll
14% Jan 13
Lake Erie A Western_____100
Rig Feb
2412 Oct
19 Mar 21
28 ~Jan 25
40 “ Oot
Do pref______________ 100
16
Feb
47 % June2l
56% Nov
Lehigh Valley___________ 50
39% May
5612 Jan 5
97
Aprl4 118 July 6
Louisville A Nashville____100
94 Aug 112% Jan
3612 Junel4
58% Jan 25
Manhattan Ry guar______100
65% Oct
38% July
9 M a rll
MInneap A St L (new)____100
14% May 9
21
Oct
8 % Deo
65 Junel4
73% May 9
Minn St P A S S Marie___ 100
03
Feb
90% Oct
85 May 3 93 Jan 11
95
Nov
2 MarlO
11
Feb
3 Jan 31
Missouri Kansas A Texas. 100
2% Deo
3 July 13
534 Jan 10
18 Feb
Do pref______________ 100
3% Dec
16 M a rll
23% May 18
31% Feb
Missouri Pacific trust ot s-100
11% Dec
33% M a rll
43% May 9
55% Oot
Do prei trust otfs_____100
33% Dec
3% July28
6 % Feb 7
8 % Oct
Nat Rys of Mex 2d pref__ 100
3% Dec
77% Feb 17
N 3W Orl Tex A Mex v t 0 . . 100 46 June21
31 June 65% Oot
64% June21
74% Jan 12
84% Nov
New York Central_______ 100
64% Feb
39 June20 54% MaylO
65
Oct
N Y Chicago A St Louis— .100
23% Feb
58 Julyl 6 65 June 6
73% Oot
56 Apr
First preferred_________ 100
54 June24 60 May 18
70 " Oot
Second preferred ............ 100
4i% May
13% June23 23% Jan 12
37i« Sept
N Y N H A Hartford.........100
15% Dec
16 M a rll
20% May 6
27*8 Oot
N Y Ontario A Western__ 100
16 Feb
88 % June21 104% Feb 19
Norfolk A Western.............100
84% June 105% Nov
61% Junel4
95% Nov
88 Jan 28
Northern Pacific_________ 100
66 % June
32% June23
41% Jan 12
44
Oot
Pennsylvania____________ 50
37% May
15% M a rll
23% May 18
32
Feb
Pere Marquette v t 0 _____100
14 Deo
50 Apr29
57 Jan 20
68
Feb
Do prior pref v t 0 ___ 100
50 Dec
35 Jan 19 45 Jan 6
57% Oot
Do pref v t 0 _________ 100
37 Dec
24% June21
32 Jan 10
39% Oot
Pittsburgh A West Va___ 100
21% Feb
70 M a rll
76% Junell
84% Sept
Do pref________________ 100
60% Aug
60% June20
89% Jan 15
Reading ----------------------------- 50
04% Feb 103 Nov
36% June24 55 Feb 7
Do 1At nref
56
61
Oot
32% Mar
Do 2d prof
50 38% June25
57% Jan 15
65% Oot
33% Mar
19% M a rll
33% Oot
25% May 9
St Louls-San Fran tr ctfs--100
15% Feb
Preferred A trust otfs. - - 100 27% June23 37% July29
23% Jan 48% Oot
19% June23 30% May 9
40 Sept
St Louis Southwestern___ 100
11 Feb
28 June24
41 Jan 13
49% Got
Do pref.......................... 100
20% May
117, O0t
5% Apr] 6
7% M ay 9
Seaboard Air Line________ 100
6 % Dec
8 % M arll
12% MaylO
20% Oot
Do pref______________ 100
8 % Dec
67% June21 101 Jan 3
Southern Pacific C o...........100
8 8 % Feb 118% Nov
24% Jan 13
33% Oot
17% June20
18 Feb
Southern Railway________ 100
42 June21
08% Oot
60 Jan 13
Do pref______________ 100
50
Feb
16% Jan 5 27% May 16
47 Mar
14 Dec
Texas A Pacific__________ 100
36% Jan 10 55% Apr 7
Oot
Twin City Rapid Transit.-100
27% June 43
Union Pacific____________ 100 111 June21 122% May 9 110 Feb 129% Nov
62% Julyl 8 67% MarlO
09% Jan
Do pref______________ 100
61% May
7% June24
15% Oot
12% Mar 3
United Railways Invest__ 100
7% Aug
17% June23
326, Oet
26 Mar 3
14 Aug
Do pref___________ ___100
13
Oot
7 M arll
W abash________________ 100
9 May 9
7 May
34% Oct
18 M arll
24% MaylO
Do pref A . ................._.100
17 Deo
12% Marl2
Do pref B __ __ _ _ _100
15% May 5
2368 Oot
12% Dec
8 % June23
11% May 9
15% Sept
Western Marylandf »etc)._100
8 % Feb
14% June23
27% Oot
21 May 6
11 July
Do 2d p r e f _____________ 100
40 Sept
22% June20
30% May 9
Western Pacific____ _______ 100
20% Feb
78 Nov
70% Jan 10
54% Feb
Do pref.......................... ....... 100 $61 June21
10
Oct
7% June21
Wheeling A Lake Erie Ry_100
11% May 9
8 % Dee
28
Oct
13% Jnne21
19% May 9
Do pref________________ 100
15 May
25 July22
48
Oct
37% May 9
Wisconsin Central_______ 100
25 May
Industrial & Miscellaneous
26% Jan 3 46% July27
42% Apr
22
Dec
Adams Express__________ 100
40% Mar
12 June20
19%Jan 8
14 Dec
Advance Rumely............100
72
Jan
38 Junc23
62% Feb 17
__ __ 100
Do pref.
40 Deo
Air Reduction Tno
no pen 30 June21
40 Jan 12
18 July 1 1
38% Jan
39% Jan 11
24 Dec
Ajax Rubber I n c _______ 60
2% Mar
% May25
1% Feb 9
% Dec
Alaska Gold Mines____ __ 10
3
Mar
1 Jan 3
1% Feb 9
% Dec
Alaska Juneau Gold Mln’g 10
62% Sept
35 June23
65%Jan 13
43% Deo
Allied Chom A D ye___ no par
92% Nov
83 June23
93% Jan 26
84% Dec
Do pref______________ 100
53% Jan
28% June23
26% Deo
39% May 2
Allis-Chalmers M fg______100
92
Jan
D o pref.
__ __ 100 69% July 18 83 Mar23
67% Deo
95
Jan
35% June 9 65% Jan 0
51 Dec
Amer Agricultural Chem__100
90% Jan
56 June13 90 Jan 20
79
Deo
Do pref
. ______ 400
253/1 June23
51 Feb 15
32% Dec 103% Apr
American Beet Sugar____ 100
03
Jan
55 June22
74% Jan 5
75
Oct
Do pref...... ............... .100
301s July29 6 6 % May 2
45% Dec 128% Jem
Amer Bosch Magneto.-Wo par
0 1 % Jan
23% June21
32%Jan 29
21% Dec
American Gan.............. ..... 100
Jan
76% Juno25
72% Doc 101
88 Jan 20
Do pref-- ... _______100
American Car A Foundry. 100 116% Junel7 129% May 5 111 Dec 147% Apr
D o pref.......................... 100 108 May23 114 Feb 26 105% July 1 1 6 % Feb
54% Jan
15% Dec
16%June23 23% Jan 28
American Cotton OIL __ 100
86 Mar
69% Dec
Apr 26
35% July 5 67
Do pref----- ---------------- 100
15% Jan
8 % Jan 11
4 June13
6% Deo
Araer Druggists Syndicate. 10
05
Feb 176 Mar
American Express________ 100 114. July 15 136 May 9
30% Jan
6
Deo
13% May 18
8
Apr 14
American Hide A Leather. 100
Jan
36 Deo 122
40%, Fob 2 57% May 18
Do prof---------------------- 100
37 Aug 63% Mar
42 Jan 25 59'2 May 2
American Ice................ ..... 100
68
Jan
53 Feb
67 Jan 8 65 Apr27
Do pref-. _____ ____100
30% Deo 120% Jan
29% J une23 53% May 6
Arner International Corp__100
14% Jan
8% Deo
8 Juno 7
11% Aprl8
Am La France F E _______ 10
96
Apr
42 Deo
American Linseed____ __ 100 20 June!8 62% Jan 31
99% Jan
56 July 5 93 Jan 29
80 Aug
Do p r e f _____________ 100
73% June20 91% May 5
74 Deo 109% Apr
American Locomotive------100
96% Juno 107 Mar
Do prof.. _
— - 100 98% June20 107% Feb 26
17% June
4 ’ ulyl2
10 Jan 7
0% Deo
American Safety Ra»or— 26
80% Jan
6 % July23
14 Jan 20
7% Dec
• m Hhlo A H orn tn ____no par

j Lose than 100 nimrou. a E x -d iv id en d

C o a l C o . a t $ 5 per sh are.

PER SHARE
Ranys tines Jan. 1
On bat it of 100-share loti

and

rights, s

E x d iv id e n d .

&Ex-rlghts(J u n e 15) to

s u b s c r ib e ,

510

New York Stock Record-Continued— Page 2
Vu« a i l c a d u r l a g i h o «vock o| attickd u s u a l l y I n a c t i v e , sets set o u t! p r « c t u l l a g 0 * l l «

HiO H Al\D LOW SA L S PUICS PS It SHAHS, NOT PSH CENT
Sales
JOT
Snlufi ay 1 Mo aday | Tutaa
Wtdru day 1 Thurs day
b’ridau
the
July
July T6
July . 6
July 27
July
July 29 Week.
1 pc f <3 lUft $ per share $ per s halt $ per share | % per share $ per share Shares
*66
69 1 * 6 6
♦36*2 37*2
37
*71
73*2 ♦71*2
Oft I4,
26 *a 26*8
*66

A*\J

66

7*

*89
4tt
*75
104 *4
12 0 *2

90
120

70*4
*94
*6

*25*2
37%
30*4
*63*2
*54
*4%

6 8 3,j

90
4*%
80
04*2|
32%|
9U
L2 2
71*8
97
- -j- 9 |
27 1
3734I
30%
64
58
5

68*2
88 *2

49

*75

104*2

122%
*88

131*2
71
*05

69 | * 6 6
69
37%| 37*4 37 •%
72
72
73
26*2 26%|
26*2
80% 80*2
7 0*8
6 8 % 69*4
89* i| 8 8 * 2 8 8 %|
50%
49*2 51
*75
80
80
10434 104% 105*8
Jl'% 122 34 124%
91
90
90
124*4 122*2 123*2
72 '8
71*2 7278
*94
97
97

83.J * 8
25
’*‘25*2 27
3734
38%
*30
3078 32
*63
63*2 64
*54
57
*9734 98*4
9734
434
5
*4%
*8

21*2

2 2 %|

2 1 *2

2 2 78

18*8

18*J

18*2
* 8*2
*52
78*2

19*4
9*4
57
80

„ m. _
76%
*43*2
46*2
*98
3%

78*4

47
*44*2
48%
48*4
*
91*2
99
99
378
4

*88
89^4
*4*8

91*8
4*2

*12

13

*1038
*5634
33

11

*68

*4*4
*4*4
35*8
70*2
26
49
*49 *2
*10*4
2338
30
*26
55
45s
*19*2
*30
*26
*65
*7*4
86*2

58*4
33*2
72
4*2
434
3534
71
26
49*2
50
10*2

2338
305s
30
55*8
434
24
33
28
70

8
86 *2

*1478
*43*2
*75

15*2
47
95

65%
*99
27*2
5334
*77
934
27*4
1538

6638

*58

%

101

2734
55*4
82
11*2

30*2
17*2

____

_ ___

*17*2
60*2

62*4

47
*73
*5*4
*22

*62
12
12*2

*l*s
49*2
*85
*53*8
*83*2

20

48*4
76
9
. 24
64
123g

*68

4*4
4*9
35*2
71
48%
50
10*2

23*8
30s4
____
55*2
434

*19
*30
2734
*65
*7
87
15*2
*44*2
*75

%

663S
100

2778
5478
*77
1058
2758
16*2
1758
*18
6 1 34
94
48*2
75
*6
22

*61
12 *2

12*2

1*4
503s
88

57
90
121
122*4
10*2
1 0 5s
73
31*4
*65
*1938

*89*2
4*8
237s
13
*1038
*57
33*2

73~
32
20 ~

*11

1*8

50
*82
57
122*2
10*2

*65
*64
73*2
32
*65*4

3334
7
*36
73

3334
7
38
75%

1958
85s
56*2
*14
54
ID s
2*4
34
*7
*36
75

11
* 10*2 11*2
45
46
46*4
32
*31
*31
69
*68*s 69*8
61% *58
*58
*1334 14*8
14*8
53*2 543$
53*2
*69*o
*69*2 71
1038 1 0 %
10*2
*25
27% *25
278
3
234
934
*9*4
9*2
*25
30
*25
*18
22
3934
37*2 40*a
77*s 77*8
77*4
*185s 19
*19*8
1278
1234
12
*37
37*2
37*2
*48
52
52
28
28
28
*155
160
153
*99
103
*101
103.J 103.1
105*

122

22 *2

71
♦96
23

72%
97
25
9
26
38*s
31*4
64
58
98
5

37%
72
26*4

*79 78
67*2
89
49
78
105*8
121*2

8 «4
8*8
0
25*2
38*8
37*2
33
31*4
65
64
58
♦54
9734
98
*4*4
4<*4
32%
20*4 2 2
21
19
19
9*4 ____ ___
_. _
57
80
78
80*2

*&

♦17*2
* 8*2
*52
78
_ _ . „ ____
___ _
47
+45
+44
47
49*4
4734 49
47*8
*
91*2
91*2
99
*98*8 98*2
98*2
4
4*8
4*8
*378
97
95
♦87
*88
91*2 *89
91
90
4*8
4%
4*8
4*2
2434
2378 *24
13
12*4 12*2 * 12*2
10*2
11
* 10*2 11*4
58
58*4
57*2 57*2
34
34 38 36*i
35%
73
*70
73
*70
*4*4
4*2
4*4
4*4
____ P£
458
3634
3458 36%
32*4
71*2
69*4 71*8
66 *2
____
2678 27
26
50
48%
48*2 50%
50
50
50
50*4
10%
10*2
10*4
10&8
233s
233s 23%
23
32
3 178 32*2
32
____
25
26
25
56*4 5738
56*4
56*4
478
478
458
434
24
24
*19
*19
36
33
*31
*30
29
33
*29
*29
70
*65
70
*65
7
7*2
7*2
7*8
87
8838 8 8
87
1578
15*4 16
15*4
47
*43*2 47
*43*2
95
95
*75
*75
34
*4
h
6
6
3
4
67
07
66*2
100
*99
102
*99
283s
2 8 38 29%
28*4
56
5414
5458 56U
82
82
*80
*80
1034
10
11*4
10*8
253s 27%
30*4
25%
1734
1638 17
15*2
175s
1734 1734
17*4
19
17*8 17*8
6 0 78 62*4
62*4
61*4
94
94
*93
493s
48
49*2
45*8
75
75
75
75
*6
9
9
*6
22
*22
* 2 1 * 2 24
64
*61
65
*62
133s
12&8
13*4
12*2
* 12*8 13
12*4
1*8
* 1*8
1*4
1*8
5134
50
50
51*2
88
*85
57
57*2 57*2 *57
*8319 8 8
*83*9
124*2 12234 125*2 121*4
1034
103s 1 0 %
10%
70
67*2 *65
G434 6434
65
65
73*2 *73
73*2
73*2
3234
31
31% 33
70
70
*66
18
18
18

*11

*17*2 2 1 *
9
*8*4
31
31
5 6 78 57*2
*14
15
5373 54
1 1 58 ID s

21*8

Ji0

*89

69 1
37*8
72
26781
81
69 1
89
50*2
78
L05*2
123
91

♦66

12

1938
858

12

8*2

8%

32*9
57*2

32*2
58*4

57*2
15*9
5478
5438
ID s
11*2
2*9
23S
3433 *34
8
7*2
37*2 *36
71%
753d

55*4
11%
2*9
34%
734
37*2
75
1 0 0 34 10034

11

*11

4634
32
69
61
14*8
54%
70*9

46*4
31
*6S*s
*58

10*2

10*2

28
3
934
30

o3
*69
*25
2%

9*2
*25
*18
41*4
79
19*4
12*4
38
52
28
*151

43*4
77*2
1978
1378
39
52
29
153
103 * 1 0 1
Ilia
11*4

12

*11
20

____

47
49*2
91*2
98*2
4*8
95
90*i
4%

___
13
11

58
36*2
75
4*4
_____
34%
69*2
2634
4934
50
103.,
23%
33%
25
57*8
434
23*4
33
30
70
7%
89
16
47
95

%
67%
102

29*4
563$
82
1034
26
16
1734
62*4
48
75
9
24
64
12%
12*2

1*4
53
88

60
90
123*2
10*2

65
73*2
32
70
18*8
13
20

56

57*2

54

57

* 11*8
238
34

Vz

*36
7034
11

467S 4634
31
*30
70
68*8
61*4 *58
14
54*4
53
71
*69*4
1034
10
*25
28
3
2 78
*9*4
9*2
*26
30
22
*18
43
41*4
80% *79
19*8
19*4
1234
1334
39
38%
52
52
29
28
159 *153
103
101*4
ID.,
113*

69

37%
*71
25*2

♦66

3 f»s
71*2
2578

§37
+71

69
37
72

—
67% 69
89
89
49*2 50
*75
80
105*4 105*2
1 2 1 % 122%
91
*88
L2 2 %
122
72*2
71
*96
97
23
23*2

h

8

*25

37*2
+31
64
*54
99
4&8

8

26
38%
32
64
68

% 69
89
89
48*2 49*2
85
*75
105
105*2
1 2 1 34 12334
*90
91
122
123%
70
72
97
97
23
23
8%
8%
68

—

—

37*4 37*2
+30
3*2
*62*2 67
57
57
99*2 100*2

99*4
4&8
21*8
22*4
20*4
17*2 17*2
17%
* 8*2
9*4
* 8*2
57
*52
*5058
77
79*4
77
+95
97*2 *95
+45
47
*46
48
48%
49*4
* ____ 91*2 * ____
99
+9734 99
3%
3%
3%
90
90
+ 88
93
*88
91
4%
4*2
4*8
24% 25*2
25*4
13
*12
* 12*2
10*9 10*2 * 10*2
5534
53% 57*2
35% 3638
35*2
*70
75
*70
4*4
4*4
4*4
* 4*9
8
*4*2
33% 34*8
33%
6 6 58

68

___ _
____
49*4 50%
503*48
10*4 10*2
23
23
33*4 35
24
23
56*2 57
4*2
4*4
19
19
31% 31%
29% 29*8
*65
70
* 6*2
7*2
89
88*2
*15
16
43*2 43%
*75
95
%
*%
67
66
*100

28*2
5434
*80
10*4
26
16
1734
*17*8
60%
45*4
*75
*5*2
21%
*62
1234
12%
1*8

102

29*4
55%
82
10*2

27%
16*2
17%
18%
61*2
46%
78
9
21%
64
12%
12%
1%
54

68

2634
4S34
*48
10*8
2 2 34

33
22

___

21*2
18

9
60
78*4
97*2
47
49%
91*2
99
3%
95
91
4*2
25*2
13
12*2

57
36%
75
4*4

8
35
69%
2634
49%
50%
10%
23%
34%
23
55
4*2

i5 4
4*4
_- _ ~
*19
33
*30
29
29
*65
70
8*2
* 6*2
88

8 8 *2

*1434 16
4434 4434
*75
95
%
%
67
67%
*100

102

28*4
5438
*77
10*4
26%
1638
17*4
*17*4
60*2

29
55*4
82

45*2
*73
*5*2

47
78
9

21*2

*62
12%

*12*4

11

28
16%
17*2
19
61*4

21%

64
13*4
13

52
51% 53*4
88
*85
88
*85
60
57*2 57*2 *56
*83*9 8 8
*80*2 8 8
116
118
116*8 123
10%
10*4 10*2
10*8
67
*65
*65
70
*64
65
64
64
73
73
72% 72%
32
30% 32%
32*4
73
73
*68
*70
20
17*2 17*2 *
13
*11
13
*11
22
*20
*19*2 2 2
9*2
9*2
9*2
* 8*2
54
*14
55

55
15
55

*14
55*2

15
56%

11*2
2*9

11

11*2

11*8

11*2

34
7*2
38
73*2

*33*2
7*2
*36
71
9934

34*2
7*2
37%
73
9934

33%
*7
*37
71*4

33*2
7*2
37*2
72

11

10%
42*2
*30
*67
*58
14
50%

45
32
70
61
14
52%

10

10%

11%
46%
31
68 *s
61%
14%
54%
71

11

46%
*30

*68
*58*4
14
52*2
*69

10*2

10

28
3
9%
30

*25

22

43*4
82
19%
13*2
39
52*2
28*2
160
101*4
11*4

• B id and asked prices; n o sales on this d a y .

2%

46%
32
69
61%
14%
54*4
71
10*4
28
3
9*4
30

*25
2%

10*2

28
3
9

9*4
8%
*26
*18
22
22
*18
41*2 43
'4 1 % 43%
84
84
*81
85
19% 19*2
19*2 19%
1 2 % 12*9
1 2 % 13%
*38
39*2 *37*2 39*2
*51*2 52
27% 28%
27% 28
*151
160 *151
160
102
102
*101*4 103
11 *2 1 1 %
ID s
11*2
I Less than 100 shares.

TUR SHAHS
Range since Jan. 1.
mu utia ts oj i uu-ennre ivi
Lowest
Highest
Par $ per share $ per share
100

STO CK S
EXCHANGE

|I n d u s . & M JscelL ( C o u .)
A lu Sm elt Seour prel ser A
63 Jan 11
750 Am er Sm eltlug
R e fin in g .100
3 2 % June23
400
i ) o p re f.
________
.1 0 0
67 June20
1,9001 A in Steel F d ry tem otfa.33 1-3
24 June21
200
Brel tem e tfs .
100
80*4 July 14
17,500 A m erican Sugar R efining 100
63*4 July 9
2 ,0 0 0
D o p r e f _______________ 100
85*4 June 16
12,400 Arner Sum atra T o b a c c o .. 100
40% June20
100
D o p re f__________ ____ 100
7 u *4 June 2 (
26,800 A m er T elep hon e A TeJeg. _ 100
95% Jan 3
12,700 A m er T o b a c c o __ __________ 100
11U 2 Jnne21
100
D o pref
________ 100
87 Jan 4
2,600
D o com m on Class B ._ _ 100 110 Jan 3
32,600 A m er W oolen or M aas____100
67 Feb 21
200
D o p re f______________ __100
93 F eb 21
900 Amer W riting Paper p r e f ._ 100
23
July27
500 A m er Z in c Lead A S m e lt .. 25
7% June22
300
D o p re f_________________25
23*2 June23
3,350 A naconda C op p er M in in g . 60
33% Jan 3
700 A ssociated D ry G o o d s ____ 100
24 Jan 26
800
D o 1st p referred _____ 100
6 6 % Jan
6
200
D o 2d preferred ______ 100
46 Jan 6
1,800 A ssociated O il __________ 100
93 June20
167 A tlantic F r u it ________
4*2 July21
3 1,4 00 At G u lf A W 1 8 S L in e ___ 100
18 J u n e17
1,900
D o p re f ________ ______ 100
15% June 17
A ustin, N ichols A C o . . N o
8*8 J u n ol3
l)o
p r e f . . ____________ 1 0 0
5 2 % June 10
87,000 Baldw in L o co m otiv e W k s.1 0 0
62*4 Juno24
_______
D o p re f. ______________ 100
95 June27
Bethlehem Steel C o r p ____ 100
3 9 *2 Juue24
28,300
4 1 % June23
D o Class B c o m m o n ___100
_______
D o p ref _______________100
87 J u n el3
700
D o cum co n v 8 % p ref. 100
90 June24
600 B ooth F ish e rie s.. . . . N o
3% June 8
1 0 0 B rook lyn E dison , In o _____100
88 Jan 8
800 Burns B ros______ ________ _ 1 Q0
81% Jan 8
1,300 B utte C op p er A Zlno v t o .
6
4 June20
1,500 B u tte r lc k __________________ 100
14*2 Jan 3
300 B u tte A Superior M in in g . . 10
10*4 June20
300 C ad d o Central Oil A R e f . . 100
10 JunolO
5,000 C alifornia P a ck in g ___
52% July28
5,600 C alifornia P etroleu m _____100
25 Jan 6
6 8 *2 Jan
4
D o p r e f .. ___ _______ 100
500 Callahan Z in c-L ea d ______ 10
4*4 June22
4 J u n el4
2 0 0 C ase (J I) Plow W k s __
31% A p r 7
44,500 C entral L ea th er............ . . . 1 0 0
9,100
6 6 * 2 July27
D o p ref________ _____ .1 0 0
23
M arlO
2 , 2 0 0 Cerro do P asco C o p __
47*2 July 14
17,100 Chandler M o to r C a r ..N o
49 June29
500 C hicago P n eu m atic T o o l . .1 00
6,700 C hile C o p p e r______________ 26
9 M ar 9
6
1,800 C h in o C o p p e r . ..................
19*2 M ar30
19 F eb 24
2 1 , 1 0 0 C oca C o la ___________
22 July29
3,300 C olora d o Fuel A Ir o n _____ 100
52 June20
4,700 C olu m bia G as A E le ctric. 100
4*4 July28
10,500 C olu m bia G ra p h op b on eN o
17% June28
____ .1 00
D o pref______
200
28% June21
1 0 0 C om p u tln g -T a b -R ecord ln g 100
21 *4 June24
700 C onsolidated C ig ar ___
65
A p r l9
D o pref________________ 100
5 J u ly 8
700 C onsol D istributors, In c.n o
7 7 *2 Jan
5
4,300 C onsolidated Gas ( N Y ) .- _ 1 0 0
14% July 9
2 , 1 0 0 C onsolidated T e x t ile ..N o
42 June 6
500 C ontinental C an , In o ........ 100
90
Apr 4
D o p ref _______________ 100
% July 18
800 C o n tln t’l C a n d y C orp .N o
59 June20
4,500 C orn P rod u cts R e fin in g __ 100
96 J u n e l5
Do
p re f_______________ 100
100
25% M a r 11
21,600 C osden A C o _________
16,500 C ru cible Steel o f A m erica . 100 2:51 J u ly l5
77 June27
D o p ref _______________100
6 % July 11
14,300 C u ba C an e Sugar _____
19*2 J u l y l l
Do
p re f______ ________ 100
1 0 ,0 0 0
12% July 8
1 0 ,2 0 0 C u ba n -A m erlcan Sugar___10
10% Jan 3
1,600 D o m e M in es, L t d ------------ 10
16 Jan 24
1 0 0 Elk H orn C oal C o r p ......... .. 50
52 Jan 5
1 2 ,1 0 0 E n d ico tt- J o h n son _________ 50
87 Jan 5
D o p ref ________ ______ 100
100
4458 July21
34,100 F am ou s P layers L asky
74% July22
D o preferred ( 8 % ) ------ 100
300
5% Jun elS
Federal M in in g
Sm elting 100
21*2 J u ly 29
D o p ref ________ _____ _100
500
75 June28
Fisher B o d y C o rp ___
11*8 July 13
9,900 Fisk R u b b e r ............ ............. 25
12% June21
400 F reeport T exas C o ___
1 June 6
900 G aston W A W, I n o .- N o
40% Jan 3
91,600 G eneral A sp h a lt__________ 100
80 Jan 3
D o p ref________ ______ 100
54 Jan 3
800 G eneral C ig ar, In o ________100
80% A pr25
D eben tu re p ref_________ 100
32,900 General E le c tr ic----------------100 116 July 29
9*2 June20
29,100 General M o t o is C o r p ..N o
63 June*21
D o p ie f____ _____ _____ 100
61 June24
D o D e b stock ( 6 % ) . . . 1 0 0
300
70*2 June22
D o D e b stock ( 7 % ) . - . 1 0 0
1 ,1 0 0
26°p June24
4,800 G ood rich C o (B F ) _ ........... 100
62*2 June23
D o p r e f - - ...................... 100
100
17% June24
600 G ran b y C on s M S A P ----- 100
9 Jan 6
300 G ray A D a v is, In o _______ 25
19 July21
2 0 0 Greene Cananea C o p p e r .. 100
7% June21
500 G uantanam o Sugar —
25 June21
300 G ulf States Steel tr ctrs — 100
50*2 June20
3,400 Haskell A Barker C a r ..N o
13 June20
H endee M a n u fa ctu rin g ___100
47 June23
5,600 H ou ston Oil o f T ex as ------- 100
1 0 *2 June21
1,900 H u p p M o to r Car C o rp — 10
2 June30
2 500 IndJahoma R e fin in g ______ 6
29°s M a r l2
800 Inspiration C on s C o p p e r .. 20
6*2 June24
600 In tern at A grlcul C o rp ------100
36*2 June 9
D o p re f ------- -------- ------ 100
100
70% July27
23,300 In ter H arvester (new)----- 100
99% June20
D o pref (new) _ _ ------- 100
200
9*2 June20
800 In t M erca n tile M a rin e ------100
42 Jim e24
D o p ref_________________100
3,900
28 J u ly 6
1 0 0 Internat M o t o r T r u o k .N o
6 6 * 2 July 1
D o 1st p ref----------------- 100
200
56% June22
D o 2d p re f-------------- -.1 0 0
13 June23
1 ,2 0 0 International N ickel (T h e) 25
46 Jan 3
International P ap er---------- 100
1 0 ,2 0 0
6 8 * 2 June21
D o stam ped pref............ 100
9*2 J u ly21
6,300 In vin cible Oil C o rp ---------- 60
24 J u n e11
Iron P rod u cts C o r p . . . N o
234 July 5
8,500 Island Oil A T ran sp v t o . . 10
4 Jan 6
800 Jewel T e a , I n o -------------------100
8*2 Jan
4
D o p r e f _______________ 100
14% Jan 3
Jones B ros T e a , In o ______ 100
34 June 7
65,700 k elly -S p rln g lleld T ire ------ 25
70*4 M a y 31
T em p ora ry 8 % p ref------ 100
800
16
M ar 11
1,700 K en n ecott C o p p e r -----8 % Jan
3
5,700 K eyston e T ire A R u b b e r. _ 10
32 Junc23
600 L ackaw anna S teel------------100
40 Jan 3
400 L aclede G as (St L o u is). . . 100
1 7 % Jan 14
3,900 Lee R u b b er A T ire -----138% Jan 22
1 0 0 L lggott A M y ers T ob a o o o -1 0 0
97% Jan 3
D o p re f-------------------------100
200
10 June 7
13.500 L o e w ’ s In c o r p o ra te d . .N o

A,

(new)

No par

par

par

No par

No par

No par
par
No par

par

No par
par
par

par

No par

No par

No par

&

No par
No par
par

par

No par
par

par

par

No par

No par

$ E x-rtghts.

a E x -d lv .

par

a n d righ ts,

PBIt SJFIA ItS
Xanye for Treoiome
Year 1920
Lowest
HiOhiit
per share $ per share

$
June 6
61
D ec
M ay 2
29*4 D eo
Jan 20
64% D ec
26
Jan 11
N ov
79*8 Deo
M ar 7
Jan 19
82% D oc
97% D ec
Jan 27
66
Deo
88
M ar 1
79
91% F eb 17
Deo
108*2 M a r29
92*8 M ay
104% Deo
129% M a y 24
94 Jan 31
86*4 M ay
127% M a y 23
1 0 0 % D ec
6 6 % D ec
82*4 M a y 5
8 8 % Deo
98 ' June 1
28% D ec
39% Jan 20
10
M a y 16
6 % D eo
33 Jan 14
26% D eo
D ec
30
43*2 M a y 11
18
D ec
35*a M a y 6
49% D eo
65 M a y 3
D eo
61
M a y 21
38
84
D ec
107*2 M a r23
9 Jan 3
6 % D ec
76 Jan 3
71% D eo
D ec
42
4 4 *2 Jan
7
D eo
8
13*4 Jan 12
70 Jan 21
67% D ec
D eo
78
94*4 Jan 11
D eo
92
102*4 Jan 25
D ec
62*2 M a y 6
47
65 M a y 6
48% D eo
93*4 Jan 11
Aug
90
107*2 Jan 15
99*4 D ec
5% Jan 27
2 % D ec
82
D eo
95 M a y 6
D oc
76
93 M a y 20
6
Jan 8
3% D ec
D ec
25*2 July28
10
15% M a y 2
D ec
8
1938 A p r l9
9% D ec
64% Feb 17
65*4 D ec
4958 M a y 14
15% N ov
79 M a y 13
63
N ov
4
D ec
7% Jan 8
5% D ec
10*4 Apr27
43% Jan 19
30% D ec
96 Jan 12
80*4 D ec
32% Jan 20
24% D ec
86
A pr30
69% D ec
N ov
70*4 Jan 11
60
12% Feb 10
7*4 N ov
27*4 M a y 11
16% D ec
18
D ec
35
July28
D ec
32% M a y 0
22
63 Jan 29
50 M a y
D ec
9
1 2 % Jan
8
62% D ec
62*4 Feb 10
34
D ec
42*4 M a y 9
61% D ec
69*4 Jan 11
D ec
80 F eb 18
70
10
M a r 26
71% D ec
91% M a y 17
16
D ec
21% Jan 7
62
D ec
66
Jan 29
97% June
98 Jan 6
5 Jan 7
3% D ec
D ec
76% M ar26 , 61
97
D ec
104% Jan 17
24% D e c
4334 A pr29
Deo
107% Jan 11
70
91 Jan 17
81% D ec
16% D ec
26 F eb 14
54
D ec
6 8 % F eb 28
2 1 % D ec
33*4 Feb 25
2 1 34 A p r 21
9*4 M a y
25% M a y 6
13% D ec
D ec
47
69*4 M a y 2
84
D ec
96 M a y 7
D ec
82% A pr29
40
D ec
90
Apr27
66
9 M ar23
5
D ec
29*2 Jan 28
2 1 % D ec
D ec
90 Jan 11
78
10
D ec
193s M a y 5
20% Jan 17
1 2 % D eo
5% Jan 13
1 % D ec
32% D ec
78% M a y 5
71% D ec
117% M a y 5
6 2 % Jan 2 0
51
D ec
88
M ay 6
78% D e c
16% D eo
138% M a r l 8
16% Jan 11
1 2 % D ec
64% N o v
7134 A p r l 8
70% Jan 13
58% D ec
69
D ec
82 Jan 24
44% Jan 11
27
D ec
85 Jan 7
70
D ec
15
D ec
25 Jan 26
1634 M a r23
8*2 D ec
15
D ec
25*2 M a y 3
16% Jan 8
11*4 D e c
25
D ec
48*2 M a y 6
51*8 D eo
6058 F eb 15
121* D ec
25*8 A p r25
86
M ay 6
65U D ec
9% D ec
16% M ay 2
558 A ug
7*s Jan S
28
D eo
37% M a y 18
9% D eo
13% Jan 11
40% D eo
67 Jan 7
N ov
88
100% F eb 16
100 N o v
110 Jan 29
10% D eo
17*4 Jan 11
44 N o v
63% Jan 11
2812 D eo
42 M a y 6
N ov
08
76 Jan 18
547b D eo
64% A pr2o
ll*a D eo
17 M a y 2
3S% D ec
7334 M a y 17
69% D eo
75 Jan 20
19
D ec
26 Jan 20
27% D eo
40 Jan 11
434 Jan
S
D eo
3
D eo
11% M a r 17
77* Sept
32*2 July 5
IS D eo
2 5 % Jan 27
25% D eo
54% M a y 5
D eo
76
94 Jan 26
14% D eo
225s M a y 11
6% D ec
17% M a y 2
l>eo
45
5 8 *2 Jan 11
85
57*2 M a y 1 *
16% Deo
29% A p r30
137V* N ov
155 M a y 23
D eo
96
105*8 Feb 8
2 1 *2 Mar'JS
U%

72%
44-%
83
31*2
91
96
107*4

a Bar value $100.

4

Aug

83
72
100*4
60
93%
142%
118%
106*4
106
100*4
283
97%
210

166%
106%
61%
21%
69%
66%
07*4
74%
76%
126
20%
176%
76
24
82
148%
102%
96%
102%
102%
114
16
96%
129
11%
26
29%
28*4
86*2

46
76%
20%
19%
104%
108*2
61*8
164%
1117*
21*4
41%
40%
44%
67
66%
92%
66

80
89%

M ar
A pr
Apr
Jan
A pr
A pr
Jan
Apr
Apr
Jan
100
59% A pr
85% Jan
Apr
*605
Jan
13
Jan
28
Jan
147
Jan
104
Jan
96
91% Apr
16% M ar
44% M a y
134% M a r
Jan
48
36% Jan
19% Jan
D eo
43
79% D eo
76% Jan
94% Jan
Jan
172
M ar
42
89% Jan
85% Jan
Apr
94
857s Jan
1 0 2 % Jan
55*s Jan
49% Jan
38% Jan
2 0 % A ug
S4% Jan
78% July
46U A pr
116*2 8 ©Pt
23U Apr
9*4 Apr
61% A pr
Apr
27
88% Apr
142*i Apr
Jan
115
51*4 Jan
1117* Jan
A pr
170
Jan
84
A pr
71
26*4 Jan
91*4 M ar
93%
46%
98
102%
14%
105%
107
43%
278%

797*

Jan

47*4 July
51*i

Jan
July
Jan
Jan
Jan
30
152*1 Jan
Jan
S3** Apr
43** Jan
91% Jan
67** D e l
Jan
Jan
207
1 9 0 * Jan
Ap
7*4
2 1 *4

45*4

105

387*

Deo I 36

0 O ld s to ck .

M ar
Jan
Jan
M ar
Jan
Apr
Jan
M ar
Apr
M ar
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Aug
Jan
Jan
M ay
June
Apr
Jan
M ay
Jan
Feb
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
M ar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Aug

* 1 v viu hUuul

New York Stock Record—Concluded—Page 3

fill

F o r sulca d u r i n g t h e w e e k o f s t o c k « m m u l ly I n a c t i v e , wee t h i r d p r c c e e d l n g p a g e .
H IG H

AN D

S a tu r d a y
J u l y 23

$

p e t sh a re

LOW

S A L E P R IC E — P E R

M onday
J u ly 25
$ p e r sh are

T u oed ea y
J u l y 26

.H
i per

sh are

SHARE

W ed n esd ay
J u l y 27

$

p er sh a re

.

N O T PER C E N T .
T h u rsd ay
J u l y 28

$

p er sh are

F r id a y
J u l y 29

$ per

S a te s
fu r
th e
W eek.

STOCKS
NIiJW YORK STOCK
EXCHANGE

L ow est

sh a re

S Inures In d u s , fir Miscall* (Gon*) P a r
+9
9%
9%
1,900 Lofl; Incorporated. ___ N o p u r
38
+31
38
35
+31
100 Looho-WIIoh Blfjoult tr o tfs.100
15
15
+92
+92
15
Do 2d preferred______100
53 +141
153 +1 I l
63
200 Lorlllard (P ).................. -.100
05% +100
05% +100
Do p rof._____________ 100
05%
63
+60
63
+60
63
Mackay Companion---------100
55
+56
55% +55
55%
100
Do prof______________ 100
40
+36
37
38
40
600 Manatl Sugar___________ 100
—
—
80
80
80
79
79%
1,200 May Department Storca.-lOO
—
—
§100 100
..... —
_1 - 75
Do pref__ _____________100
10312 10612 103% 106% 10334 IO534 103% 05% 103% 05% 103% 05% 65,900 Mexloan Petroleum ......... .. 100
*
86
—
—
____ —
____ —
Do pref....... .......... .......... 100
2Ui 2.1% 21% 21% 21 •% 21% 21% 21% 21
21
21
21
2,350 Miami Copper _____________ 5
1()34 11
HRi 11%
1034 11% 1Q34 11 % 1 0a4 11% 19,900 M 10(11(5 States OH Corp ------ 10
10% 11
23% 23% 3,100 Midvale Steel <fc Ordnance..50
23% 23% *23
23*4 23% 23% 23% 23% 23% 23%
44
46% *44
46% *44
40% +44
45% 45% 45%' +44
46%
900 Montana Power_________ 100
93
+93
____
93
*9284 - - - - *92 34 - - - *92 •% ____ +9234
300
100
Do pref. _
............
18%'
+
I7i
2
17%
1
S%
18%'
IS
18
*17%
17%
18
+17)2 18%
1 ,800 Mont Wd&Coflls C o t v . N o p a r
1434
1434
15%
15%
1 1 % 14%'
+15
15% 15%
15
14% 14%
1 /1 0 0 National Aome ---------------- 60
* 110
116
116 117
115 L15
. . . . ____ *113
119 *113
119
300 National Biscuit. ................ 100
*107 115
.... —
____ —
____ ____ *108 116 *108
112
Do pref ............... ....... 100
29
29
*25
*25
29
*25
26% 26% *26
29
*25
29
100 National Cloak A Suit____100
59
55% 55%| *55
59
59
*57
____ *58
*5612 00
70
300
Do prof....... .......... .......... 100
*1
*1
1
134
1%
1%
* 1 % 1 % *1 % 1 %
1%
1%
! ,10 0 Nat Conduit A Cable. N o p u r
*44% 47
49
46% 46'8 *45
47
46
47
46
47
48
1,0 0 0 Nat Enam’g A Stamp’s . 100
95
*89
95
*89
95
*89
*89
95
95
*89
95
*89
Do pref______ ________ 100
7678
76
77
673
4
76
*75
75% 71'% 72%
*75
77
*75%
8 ,26 6 National Lead___________ 100
* 10 2
L05 * 10 2
10234 103% * 10 0
105 I 103 103 * 10 2
105
.05
400
Do pref. . __________ 100
103.1 1034 * 1 0 % 1 1 %' * 1 0 % 1 1 % 1034 1 0 '% 1 0 % 105g * 1 0 % 1 0 %
500 Nevada Consol Copper------- 6
_—
56%
*55
57
____
57 I 55
*54
57
55
400 New York Air Brake.. -.100
5 7 , 1 30% 31
31%
31
*29% 31
31% 32
33%' *31
30
33
2,400 Now York Dock_________ 100
52
62
*49
*50
52
*503s 52
52
*50
*50
*50
52
Do preferred--------------- 100
60% 613g 61
61
61
61
*60
61%
1 200
*2 1 % 25% *2 1 % 25% *2 1 % 25
23
23
*2 1 % 25% *2 1 % 25
’ lOO Nova Scotia Steel A C oa l.-100
*9% 1 0 % *934 10
10 %
2
2
2
2
1%
1%
1%
4,300 Oklahoma Prod A Ref of Am _6
1%
1%
1%
1%
1%
21
20
20
____ ____
____ ____
2 0 % 2 0 % *20
20
20
400 Orpheum Circuit, Inc._ - - 1
10 % 10 %
*1 0 % 1 1
10
10
1 0 % 1 0 % * 10
10 %
1,400 Otis Steel____________ N o p a r
*1 0 % 1 1
28% 28% 28% 28% 28
28
30
30
*28
28% 29
*28
700 Owens B o ttle -------------------- 25
10
*8
10
9
*8
*8
10
* 8 3ft 10
*9
10
*9
Pacific Development- _
53% 53% 53% 53% 53% 54%
54
55
*54
55
55
3,900 Pacific Gas A Electric___ 100
55
3534 3534 35% 357s' 35% 357s 35% 36% 36% 36% 36% 3634 22,800 Pacific Oil___________________
48% 49% 4878 49% 48% 49
48% 4 9 %; 49
49%' 48% 49
8,000 Pan-Am Pot A Trans______ 50
43
43% 43% 4334 43% 43%! 43% 437s1 43% 43%
4334 3,100
43
Do Class B ____________ 50
9% 9%
9
9%
9%
9
9141
8% 3,500 Penn-Seaboard St’l vto N o p a r
8%
9 I ____
51
54
51
52
52 34 52
53%' 53
54%
51% 52%
53
6,100 People’s G L A C (Chlc)-.IOO
*30
30% 30
3034 31 I 29% 307s 30
30
30% 30%
30
1,800 Philadelphia Co (Plttsb) — 60
17%
17%
17
16% 16*2 17
17%' 17% 17% *17
1734 2,000 Phillips Petroleum ____ N o p a r
17
1634 17%
1734 18*8 17% 18%
17% 18%
15% 17
1334 16
62,600 Pleroe-Arrow M Car— N o p a r
*3734 38*2 38
36% 3 7 % 37
38
37
33
37
32
29
12,100
Do pref______________ 100
738 3,900 Pierce Oil Corporation......... 25
8
7%
7%
7%
7%
712
7%
7%
712
7%
8
i; __
51
*51
51%
51
*51
55
51
*50% 55
50
700
Do pref_„____________ 100
___ iJB,
*54
55
55
55
56
*54
54% 54% *54
55
400 Pittsburgh Coal of Pa — ._100
____
*84
____
88
87
87
*84
87
*84
88
*84
88
100
Do pref_______________ 100
*14
16
16
16
*15
*15
*15
16
15
*15
16
15
100 Pond Creek Coal---------------- 10
____ ____
73
72% 74%
73
64
72% 56
5734 18,500 Pressed Steel Car________ 100
58
56
*82
87
____
85
85
Do nref
100
100
69%
68% 68% *67
69
69
69% *68
69%
200 Public Serv Corp of N J ..-1 0 0
— - *68
97
967s 9734 96% 97% 94
97
96%
92% 95
93
£90
20,700 Pullman Company _______ 100
29% 30*4 3078 3134 *29% 31
30
31
30% 30% 30% 30-% 4,800 Punta Alegre Sugar----------- 50
253
4
24%
25%
25% 2534
25% 25% *25% 2534 25% 2534 7,500 Pure OH (the) k ______ ____ 25
2o's
82% 82i2 83% 83% *83% 85
85
77
76% 74
75
67
7,400 Railway Steel Spring--------100
_____ *99 105
____
*99
*98% 102
100 100
100
*98 105
*98
Do pref_______________ 100
___
123s 123s
12% 12% 12% 12°8 ___ ____
12% 1234 _
1,100 Ray Consolidated C opp er.-10
*19% 22
*19
23
*20% 23
19% 20
*19
20
600 Remington Typewriter vto 100
*19% 20
*19% 22
*19% 22
*20
23
20% 20%
100
45% 463a 46% 47% 4534 46% 453g 46% 46% 46% 46% 47%
6,400 Republic Iron A Steel_____ 100
84
84
*82
84
*82
84
*82
*82
*82
84
84
84
200
Do pref_______________ 100
13%
*12
12
12% 12% 12
12%
12
800
523
4
5134
52%
51% 52%
50%
52% 51% 52% 12,300 Royal Dutch Co (N Y shares) _
52
51% 53%
12
1134
*11
*1034 11%
*11
Sf. Joseph Lead
_ __10
2
*2% 278 *2
278
2%
*2
2%
*2
2%
300 San Cecilia Sugar v t c . N o p a r
2%
2
*10% 12
*10% 11%1 *10% 12
*10% 12% *10% 13
*10% 12
Savage Arms Corp _______ 100
4
334
4
4
4
| *3%
*3%
*3% 4
*3%
200 Saxon Motor Car Corp.iVo p a r
66% 67
67% 67
67% 64% 66
67
65% 66%
64% 66
15,800 Sears. Roebuck A C o------- 100
1434 15 r ____ ___ _
15
15
15% 153g
15% 16
15% 16% 3,100 Seneca Copper _______ N o p a r
*36% 37% 37
37% *37% 3734
37% *36'% 37% *37
38
300 Shell Transp A Trading__ £2
*37
20% 203S 20% 20% ' 20% 2034 20% 20% 20% 20% 20
20% 22,200 Sinclair Cons Oil Corp.iVo p a r
*34
35
35
*34
36
35
*34
*34
36
36
*33
35
100 Sloss-Sheffield Steel A Iron 100
75
75
*65
75
*65
75
*65
*65
75
*65% 71%
Do preferred__________ 100
*65
13434 135
*131% 136
135 135 *133 136
136 136 *133 136
400 Standard Oil of N J ________ 25
107% 107% 107 107% 107 107% 107% 107% 106*4 107% 106% 107
2,850
Do pref non voting____ 100
*72% 75
*72% 75 | 72*% 72% 71% 72%
__ *70
75
300 Steel A Tube of Am pref__ 100
25
25% 25% 25% 25% 25% *25
26
25% 25% £24% 24%
900 Stewart Warn Sp Corp.iVo p a r
32 ! 31
*30% 32%• 32
31% *30
33
30%
30% 31 1 30
800 Stromberg-Carburet__ N o p a r
781i 79% 78% 79% 76% 7834 76% 78% 76% 78% 75% 77% 93,600 Studebaker Corp (The) __ 100
*92% 95 I *92% 95 | *92% 95
*92% 95
*92% 95
95
95
100
Do pref_. _ __________100
478 5%
5
434
5%
5%
5
4%
4%
4%
5
5
2,600 Submarine Boat ______ N o p a r
434
*4%
4%
*4% 4%
4%
4% ___ ____
4%
4%
4%
800 Superior Oil___________ N o p a r
Superior Steel Corp’n
lOO
I *29
31
*734
8
8 1 *7%
8
8
100 Tenn Copp A C tr ctfs.iVo p a r
*7%
8
*7%
8
3334 34% 34
34% 33% 34% 34% 3434 34% 353ft 26,200 Texas Company (The)____ 25
3334 34
19
19% 19%
19
19% 20% 10,200 Texas Pacific Coal A O i l...10
19%
19
18% 1834 18'% 19%
56% 57
56% 59
58% 5934 58% 60%
59
17,900 Tobacco Products Corp__ 100
57% 59%
58
*82
85% *82
87
85
85 I *81
84% 84%
86% *81
87
.100
200
Do p r e f __________
734
73ft
*7%
7% 7h
7%
734
7% 14,500 Transcontinental Oil - . N o p a r
7%
7%
7%
7%
00
3434
34
*28
33
33 I *30
500 Transue A W'll Haras St . N o p a r
32% 32% ! 3U2 31% *31
. . . . ____ ! *58
62 | *58
61
60
100 Union Bag A Paper Corp. .100
[ *60
60
61
19% 19%
1934
19
19
19% 19%
3/210 Union Oil_____________ N o p a r
19% 1934 19
19% 19%
*24
28 1 *24
28 | 25
25
26
300 United Alloy Steel __ N o p a r
*24
25% 25%
28
*24
105 105% 1 105% 106 ; 10434 105% 1043g 105
101% 10434
99 102% 29,100 Uu ted Fruit____________ 100
5438 54% 54% 56%
5334 54% 25,400 United Retail Stores__ N o p a r
55% 56% 55
56%
53% 56
147g 15 I *14% 1 5 % ' ____
——- - __ _ _
*14% 15% *14% 15%
400 U S Cast I Pipe A Fdy ____ 100
m^ ^ ^ _ ___
*42
4.Ha 44%
45
45
*42
100
Do pref- .......................... 100
*42
48
6
6
0
*5%
*5%
*5%
6
U S Express______________ 100
*0 % 6
*5%
6
*5%
16%
16% 19
16
16% 16%
17% 17%
1734
16% 17
7,400 U S Food Products Corp__100
17
5034 52%
5034 51% 48% 5134 49% 49% 11,500 U S Industrial Alcohol____ 100
50% 53% 52 % 53
*72
92 [ *72
92
*70
90
84
85
Do pref____ ______ .100
85
200
*60
*46
49
*47
*47
49
50
48% 50% 50'% 52%
49% 50
4,100 U S Realty A Improvement 100
51% 53% 53
55% 1 5234 5434 52% 51% 53% 54%
5234 54
49,100 United Stages Rubber ____ 100
*94
95
97
95
95% 1 *94
*94% 97
Do 1st pref___________ 100
200
*94
97
31% 31%
200 U S Smelting Ref A M ____ 50
30% 301
I
Do prof____ ___________ 50
7334 73*8 743ft 73% 74%
7218 73%
73% 733^ ’ 73
73% 74% 83,900 United States Steel C orp ..10(1
109 109
109% 109% 1 109% 109% 109% 109% 109% 109% 109% 109%
Do prof. ...................... 100
1,200
49% *49
4,400 Utah Copper______ ________10
4834 48% 1 48% 493*
49% 48% 49%
47% 48%
10
10
10
10
900 Utah Securities v t o ____ _100
934 934 10
10% *10'% 10%
*934 10
29
29%
29
29%
1,700 Vanadium Corp_______ N o p a r
28*4 29% 28% 29
28
28%
*26% 26% *26% 2634 1 2634 2684
26% 26% 24% 25%
2,700 Vlrglula-Carollna Chem__ 100
23% 24
74 7g 74%
74% 74% *72
Do pref..................... __100
*70% 75
69%
1,300
75
73
68
68
70 • 70
80
*70
80
*70
*70
*70
80
100 Virginia Iron C A C ______ 100
80
80
*70
7
7
*0%
7
7
7
6% 6%
7
1,000 V Vivaudou ___________ N o p u r
6% 6%
*6%
*55
58
58
58
58
58
62
*57
59
59
*57
400 Wells Fargo Express_____100
65
84 7g 847g 85
8434 85
8434 83
85
843,
J,400 Western Union Telegraph. 100
*84
82% 827,
*85
87%
87
200 Westlrighouse Air Brake__ 50
86
4134 42
44
44% ‘ 44% 44% ! 4 3 % 44 I 48% 43% 42
43%
4,300 Westlnghouse Elec A Mfg__60
32
32
3 1 % 31%
32
700 White Motor_____________ 50
32
32
32
31*4 317,
8 1 8
Hh
8% 8%
83/
8
2,100 White Oil Corporation.N o p a r
8% 9
9
Hh
8*4
____
16%
Wick wire Spencer Steel____ 5
1 *9
*9
*9
12
13
67,
76
7% 7% 1 7
7%
034
9,700 WUIys-Overland (The)____ 2/]
6%
7
7%
6%
6*4
*2834 30
*30
29
1,900
Do pref ( n e w ) ______ __ 10C
31% *28% 31
29
29% 28% 29
29
*32
37
*32
37
35
35
*34
35%
600 Wilson A Co, Ino, v t 0 . N 0 p a r
35
35
IJ2 112 * n i
*1)0 114
114 *110 114 *1 11 114
200 Wool worth (F W j________ 10(J
112% 112%
____ *106
*105
*105
+105
Do pref______________ 10C
+J00%
*) 06
44 | +42% 44
*42
*4 J
40 34
44
44
900 Worthington P A M v t 0..10C
42% 43 | *42
39
*73
78
*71
78
*77
78
*71
Do pref A ____________ IOC
78
*71
78
78 *
+56
59
56
69 I *56
56
*54
*64% 59 1 *66
100
Do prof B ...................... IOC
59
59

9%
+30
+94
+143
+100
+60
*55
39

9%
35
115
153
105
63
553.1
39

9%
31%
+92
+143
+100
+60
+55
38%
79

■*

9%
35
116
162
05
63
57
40
82

9°8
9%
3 1% +31
15
+1)2
63 1+143
105% + 100
+60
5534' 65
38% +37
80
80

9%

w

00

9*4
+30
+04
♦142
*100
*60
+65
40
*71)

♦ Bid and asked prices; no Hale on this d a y .

I J^eas than 100 Share*.

X Ex-rlghtH.

PER SH A R E
t l a n y e s i n c e J a n . 1.
O n b a s i s o f 100- s h a r e lo ts

a E x -d lv .

and rlghtH.

% p e r sh are

8-% July 6

31 Jan 5
94% Juno23
1 36 Feb 3
J00 Jan 5
59%Jan 3
55 June 7
37 July 5
65% Jan 4
95 Mar 18
87‘% July 6
84 Juno 1.7
15-% Jan 3
10 July20
2 2 June21
4 1 July 23
93 Junol5
14'% Feb 3
1.3% Juno23
102 Jan 4
106 Jan 3
25’ft July20
55% July23
1 Apr 13
41 June23
89 Junell
0734 July28
10 0 June20
9 Mar31
54 July 18
2 0 % Feb 9
45 Jan 26
54% Feb 7
20%JunelO
1 34 M ay3l
20
July 18

9% June28
27% July 11
8 % July 1
46% Jan 19
27% Marl2
39% July 6
3534 July 6
67g June20
33% Jan 3
287ft July 11
16 Junel7
13s4 July29
29 July29
6% Julyl3
49% Julyl3
52 July 16
827ft Jan 8
12% Marl5
56 July29
83 June22
54 Jan 15
89%Junel4
25% Junell
24% June21
67 July28
98 Apr21
11 Marl2
17% June20
18 June21
41%June23
797g June22
12 July28
46% June20
10% Junel 3
2 ” June23
97ftJune23
278 Jan 3
62% July 11
1234 Mar 11
3684 July21
1734 June20
32% June29
68% June29
124% Junel3
1051ft Jan 3
71% July27
21 June 6
2634 June2l
42% Jan 3
83 Jan 5
4% July 18
4% July29
26 June20
7 Mar 12
29 June21
16'% Juue21
45 Mar22
76% Juue28
6% Mar 12
28 June25
60 July 15
17% Mar 14
19 June 8
s9534 June20
48 Apr 1
11% Jan 3
39% Jan 3
53g June20
15 June23
48 July 11
84 July29
41% M a rll
47% July 11
91% June20
26 A pr 1
37% .Julyly
70% June23
105 June2l
4534 Mar31
8% July 9
25% June21
23% June23
60 J une23
70 July 23
5% M arll
49% Jan 4
81 Julyl5
86 July 29
41% July 15
29% June23
7 July 10
14% Apr 11
5% Jan 3
26% June23
31 July 15
108% Feb 24
105 June24
38% June21
71 Jan 7
56 Jul.v2fi

x E x -d lv.

o R ed u ced

PER S H A R E
R a n y e f o r P r s v itm s
Y e a r 1920

H iy h e s t

I

p e r sh a re

12%Jun 10
42 Jan 31
100 M arll
164% Fob 28
107 Fob 3
68 Jan 24
57% Fob 2
89% Fob 14
93% Apr 18
101% Apr 7
167% Jan 18
94 Jan 11
24 Apr 26
15% Apr 25
33% Jan 4.
56%Jan 1 1
98 Juno15
25 May 2
30 Jan 4
1 2 0 34 Apr 26
120 Jan 26
35%Jan 18
79% May J6
6 Jan 10
65 Feb 14
95 Mar 9
81. May 7
108 May 4
13ift M a y ll
89 Fob 19
39 May 19
57% May 18
62 July 13
39 Mar29
127g Jan 8
4 Jan 7
30% A pr 29
16 Jan 11
54%Jan 11
1934 Jan 6
56 May 19
41%Jan 4
79% Feb 17
7134 Jan 12
17 Jan 17
573s May 17
35%Jan 11
31%Jan 8
42% May 2
88 Mar28
117ft Jan 8
78 Jan 7
647ft May 3
88% Jan 19
16% May 6
96 Jan 24
104 Jan 24
70% M ayl9
110% Jan 21
51%Jan 11
3634 May 6
90% May 10
109 Mar 3
15 M a y ll
3834 M ^ y ll
39% Jan 12
73%Jan 13
96% Mar 2
6978 May 5
13 Jan 12
5% Feb 16
23%Jan 11
634 Apr30
98% Jan 3
20% Jan 17
49 May 9
28% May 6
56 Jan 11
73% Feb 28
167%Jan 13
110 Jan 20
82 Feb 7
37 Jan 24
46 Apr 30
93% Apr 29
97 May 4
10% Jan 7
13% Jan 11
48 Jan 13
10% Apr 26
45 Jan 10
367ft Jan 21
60% July27
91 Jan 13
13 Apr 25
44t2 A pr 25
75 Jan 13
25%, May 19
34 Jan 4
207 Jan 7
62% May 23
19 May 6
50 Mar24
7 Jan 13
27%Jan 19
74% May 3
102 Mar 8
5834 May 18
7934 Apr 30
10378 Jan 4
35%Jan 27
44% Jan 3
86% May 6
112 Jan 27
59%Jan 19
12% Mar 17
41 Jan 11
42%Jan 11
102*4 Jan 18
95 Jan 25
9% Mayl l
72 Jan 20
94 Apr 12
967« Jan 14
497ft Mar29
44 May 2
17% Jan 8
18% Jan 11
1.0% May 4
42 M ay 3
47 Jan 7
117% Apr 11
111 Feb 2
55% May 5
81 Feb 11
65% Mar 4

9

L ow est

H iy h e s t

p er s h a ft l

p e r sh n rs

0%
26
100
120197
66
66
63%
66
95%
148
88
14%
10
28%
47%
93
12 %
26%
96
103%
25%
59%
2
45-

Nov
28
Jan
Deo
70
Jan
Deo 115% Jan
Dec 183% Jan
Dec 110% Jan
Doc
69% Jan
Doc
64% Mar
Dec 151% Apr
Deo 137% Apr
Oct 107
Jan
Aug 222
Jan
Mar 106
Jan
Dec
26
Jan
Aug 71 % Jan
Dec 62*4 Jan
Deo
69% Jan
Dec 100% Jan
Doe
40 Mar
Deo
40 Mar
Dec 125
Jan
July 116
Jan
Deo
80
Jan
Dec 1 0 2 t2 Jan
Doc
13
Apr
Nov
89% Jan
88 Nov 102% Jan
63% Doc
93 14 Apr
100 Dec 110
Jan
8 Nov
17% Jan
66
Dec 117% Jan
16% Dec 48% Jan
35% Dec
61
Jan
61*4 Dot
4 3 May
77% Jan
20
Dee
922ft Anr
9 Deo
2% Dec
6*4 Mar
23 Nov
28*4 Sept
417ft Jan
12 Dee
jj427a Dec
65
Jan
78
Jan
10*4 Deo
41% May
61% Jan
417g Deo
35 Dec
69% Dec 116% Apr
64% Dec 11134 Apr
36% Apr
6% Dec
27 Aug
46
Got
30% Deo
42t2 Jan
44% July
26% Dec
827ft Jan
15 Dec
59 Dec 108% Jan
23% Jan
9 Dec
98
Jan
72 Dec
51% Feb
72% Sept
91% Jan
83 Dec
27% Jan
12 Dec
72 Dec 11334 Apr
90% Dec 104% Feb
62 Dec
68 " Jan
95% Dec 124 Mar
Apr
40 Dec 120
297s Dec
507g Jan
73 Dec 106% Apr
02% May 107 Nov
10 Nov
22% Jan
24% Doc
94
Jan
93% July
30 Dec
65% Dec 124% Jan
84 Dec 108*4 Jan
55% Jan
16% Dec
49% Dec 123*8 May
177ft Apr
10 Dec
25% June
2% Dec
83% Apr
9 Dec
21% Jan
2% Dec
Apr
85% Dec 243
14% Oct
23% Nov
90% Jan
33% Dec
48% Jan
20 Dec
82% Jan
43 Dec
94% Apr
75 Dec
6142% Dec e2l2% Mar
100% June 113*8 Mar
91% June
77 Dec
24% Dec
61% Mar
22% Dec 118% Apr
37*4 Dec 120*8 Apr
76 Deo 101% Jan
14
Oct
8% Dec
11% Dec
20% Sept
60
Apr
41
Feb
13% Mar
0% Dec
40 Dec c67% Jan
53% July
22 Dec
95% Jan
46 Dee
Jan
80 Dec 106
5 % Dec
38% J&n
347ft Dee
96% Jan
Apr
61% Dec 127
38
Jan
19% Dec
53
Jan
27% Dec
173 Feb 22478 Oct
45% IK® 96% Jan
25% Jan
10% Nov
55% Apr
38 Dec
377g Apr
6% Dec
78% Jan
16 Dec
56% Dec 116% Jan
90 Aug 103% Jan
357ft Nov
69% Apr
63 Dee 143% Jan
95% Dec 116% Jan
76
Jan
29’ Dec
47% Mar
39% Dec
Jan
76% Dec 109
104% Doc 115% Jan
80% Jan
44% Dec
14
Oct
7 Aug
97
Apr
28% Doc
80% Apr
24*4 Dec
88*4 Dec 112% Jan
76
Feb 120% Sept
21 June
5*4 Dec
76 Mar
46% Nov
80% July 92% Oot
Jan
89% Nov 119
65% Jan
40 Dec
69% Mar
30% Dec
25% Oot
13% Deo
32% Sept
19 Nov
32
Jan
5% Deo
Jan
26 D*>o 93
347ft Dec
82% Jan
Apr
100 June 146
Jan
102 Deo 116
96
Jan
36% Deo
93% Jan
73
Deo
76
Jan
53% Deo

to basis o f $26 par.

n

Par 5100.

513

New York Stock Exchange-BOND Record, Friday, Weekly and Yearly
J a n .

a

i

itftjx

i k o S e e t s a n j e m e t h o d o f q u o t i n g b o n d * w a s c h a n g e d a n d p r i c e s a r e n o w — “ a n d i n t e r e s t '* — e x c e p t f o r i n c o m e a n d d e f a u l t e d b a n s * .

BONOS
V . STOCK E X C hA N G K
W'ttoA eliding July 20

■HH**"

Sanya
Waal *
Trice
l l
Since
Sanya Of
r id*U
I
*
Las« dale
Ju U 29
Jan. 1
.
■
Hitfh] Vo Low Bit)h
bid
i l l Low

BONDS
N Y STOCK EXCHANGE
Week ending July 29

Week's
SartLS or
Last Sale

s i

1*1

Sano
Sines
Jan 1

Low
tlioh N o: Low High
31 81*8 88*2
Cauada Suu cons gu A he__ 1962 A O
85*8
86
137 99% 103
88.04 Sale 86 06 8 8 .H 2503 86.00 93.60
Canadian North deb a 1 7e .1940 J D
101%
103
9, 85.2 1 88 50
87 70 87 MO S7 60 87.7 1
2 r- ve ir e j d' b 6 ‘ •-8 - - ___ 1946 J J
97
98*2 430 98% 98%
1 68
87 86 Sulc &7.50 88 00 62 8 85 40 88.66
Car Clinch A Ohio let 30-yr 5e 38 J 1 )
76
74*2
74*2
06.10 07.00 06.10 J illy'211-----1 94 00 100.5U
Central of Ua let gold 5e__ #1946 F A
89 July '2 1
80*4 95%
26 80*4 89
Coaeol gold 5e___________ 1945 M N
82
84
to ss a i ss Mi
,1
K6 3.t
00
87 .50 Sale k7 •<>. 87 50
847b 94
10-yr tdmp hhciit rte June 1929
87-80 4318 85.30 88.40
8 . 78 Sale 87.26
(Jhatt Dlv pur money g le 1951 J D
68 *4 - - - - 68 June’2 i
67% 69
_ _•
Mao A Nor Dlv let g 5e 1946 J J
v0 ------ 90 M ayT 8
N
002
92
10
93
10
01.82 Sale 0 1 .1 0
Mid Ga A Atl Dlv 5e
1947 J J
88 00
7 7 % ------ 97% June’ 17
Mobile Dlv let g 6 fl.......... 1946 J J 8 H4 ------ 83
83
Apr’21 _ _ _ . 83
n7 .01 Sale 87 43 88 00 8 L26 85.34 83 60
Gent HU A ll of Oa coll g 5e. 1937
80
81*8 77 June’21
75% 84
N
141 92*8 10 0 %
96
i Cent of N J gen gold 5a____ 1987 J J 90 Sale 9i>
J .04 Sale li*S w-) 98.66 10106 95.56 98.80
Reglatered ............ ........ /»1987 Q J
94 May *21
97*2
- 94
98.58 2430, 05.80 98 36
08.66 Sale 08 41
Am Dock A Imp gu 6a___ 1921 J J 97*9 100*2 100*4 June’2 1 ____| 99 100
100
___
1
_
100
1 0 0 % 100 June’2 L
100
N Y A Long Br gen g 4a .-1941 M S 78
78
Apr’21
78
78
81
LOO I00*v I0 0 ‘i June’20
-----3 79
Cheaa A 0 fund A impt 50__ 1929 1 J
82
84*8
82*8 83% 81
104*4____ 104*4 June’ 2 1 . _ _ _ 10 1 105%
13 87
let coiieo 1 gold 5a
1939 rvi N
DO1 1
91
90*i 91
93*4
1 C4*4------- 104*4 July’21
Reglatered
1939 Ml N
78% June’20
102*2 104 *2
10 0
100*4 100
July*2 l . _ _ . I 100 ’ 10 0
39 71% 77%
76
General gold 4 He_______ 1992 rvi S %6 Sale 73 *2
10 0 % 100*2 00
J uly’ 18 __ 1
Reglatered___ ___ __ ..1992 (VI s
86
Mar’ 17
74 ------ 79*4 Apr’20 . . . J
....
313 71*2 79
20-year convertible 4Hs -1930 F A 79 Sale 75*9
79
74 ____ 75 July’21
79*2
30-year conv secured 5a. _ -1946 A O
75
85
83% Sttlo 81*2
83% 148 79
Big Sandy lat 4a. ________ 1944 J D
Apr’ 21 - - - -1 67
67
67*8------ 07
_
_
_
J
1 «r«lg n Q overnm tiit
Coal River Ry lat gu 4 a .__ 1945 J D
65
Jan’21
70 ------- 05
05
72
16; 63*2
68*2
argentine Interna) 5a ol 1999__ •VI Si OS*2 Sale 67 78
Craig Valley 1st g 5a____ 1940 J J 76*2------ 73
73
Jau’21 . . . . 73
1 0 1 % 225 95*2 1 v) 1 1
Potts Creek Br lat 4a____ 1946 J J 67
63
09 June’ 19
Belgium 25 yr ext d f 7 '% i g. 1945 i D 101*2 Sale 100
j
97%
95% Sale 93*4
95*2 341 87
5-year 0% noted........ Jan 1925 —
R A A Dlv lat con g 4a__ 1989 J J
74
70
71*4 73,2 7o% June’ 21
10 1%
96% 1 0 1 %
1 03
20-year a t Ha____ _______ 1941 F A 101*4 Sate 9934
2d consol gold 4a_______1989 J J 63 ------ 65
65
67
3?!;
100
67; 93% 100
Apr’ 21 _ _ _ _ 09
Greenbrier Ry let gu g 4a. 1940 M N 6 2 % ------ 69
Bergen <Nor way) a f 8 a___ 1945 M N 98*2 Sale 96 34
09
Berne (City at) a t 8 a_______1945 M N 99% Sale 98
98% 1 2 ^, 92% 99
74*4------ 7 4 % Apr’21 . . . . . 73% 74%
Warm Springe V lat g 6a__1941 IVI 8
83
Sale
S4
84*8
82
A
O
10
3 41
74
Chic A Alton HR ref g 3a___ 1949
Bordeaux (City ol) 15 yr 6 s. 1934 M N
46
45*2------ 45
1 0 1 % 332 ! 97 101*8
35
Brazil, U 8 extern 8a ............ 1941 J D L0o *i Sale 98*2
Railway lat lieu 3 Ha______1950 J J 34% 34% 34
1 6 1 30% 39%
93
19 85%
7519 Sale
02 lo 91H
92*2
Cblc Burl A Q— 111 Dlv 3H8-1949 J J
Canada ( Dominion of) g 5a.. 1926 A O 92
73
75% 26 69% 76%
43] 83*2 90%
10 77% 83*8
89
do
do
...1931 A O 88 % Sale 8 i »2
Illinois Dlv 4a_. ________1949 J J 80 %
83*8
83*8
99% 100
80% 92
99*4 July’21
99%
2 -yr 5 34s gold notes Aug. 1921 F A
87%
90*2 2 2 80*2 90*2
98
Nebraska Extension 4a__ 1927 IVI N
85 87% 94
9238 Sale
01*2
90% Oct’ 19
10-year 5 H a . . ________1929 F A
__ 1927 IVI N
Registered __ __
20 74% 82
99*2
99*2 517 92
•. bile (Ht publllc) ext af 8 a_. 1941 F A 99 Sale 95*4
79 *2
General 4a. _ ____________ 1968 IVi S 7 9 % Sale 77%
46*4 47 40*8 49
Chinese (Hukuang Ky) 6 a ol 1911 J D t 46*2 Sale 45*8
Chic A E 111 ref A Imp 4a g_.1966 J J
28U M ay*21
28
85%
281* 29*2 27*2 July'21 ___ 27*2 34
J00*2 53 94% 100*2
Christiania (City) a 1 8 d___ 1945 A O 100 Sale 99
U S Mtg A 'IT Co ota of dep___
78%
3
^
78%
78
7834 1761 72
Copenhagen 25 yr a 1 6 H e .. 1944 J J
lat consol gold 6 a________ 1930 A O 90*2------ 90% June’ 21
90% 95%
7734 78*2 7734
6 77
82%
39
S7 June’ 2l ___
T734
Cuba— External debt 5a ol 1004. (vi s
General consol lat 6a______1937 M N 87
82
90*2
77
85
39% 87 July'21
Exter dt ol 5s 1914 aer A. 1949 F A ____ 78*2 77
78
90%
75% 81
U S Mtg A Tr Co otfa of dep
73
4 63
71%
70
68*8 M ay’ 21
69*2
S tam ped.. _____________
50
External loan 4H s______.1949 F A 66*2 Sale 65
72 95*2 *03
103
Guar Tr Co ntfa of dep
87 July'21
Danlah Ct>n Municipal 8 a “ A" 1946 F A 103 Sale 100*2
90%
78
____ 32 M ar’ 17
j
10 J
35 95io 103
8 erlesB __...............
194t F A 102*2 Sale 100*2
Chic A Ind C Ry lat 6a_
1936 J J
5 2 1 ? Sale
197 95*2 103
103
50*4
52*2 37i 47*2 54
Chicago Great West 1st 4a__ 1959 M s
Denmark external 9 t 8a__ 1945 A O 102*8 Sale 10 1*2
27 70% 83%
80*8 Bale 80*8
93*2 93*4 July'21
81
Dominican Rep Con? Ad in sf 6 s ’ 58 F A
Ohio Ind A Loulav— Ref 6e__1947 J J 9 3
91**4 98
101*4 647 9fi 101*4
Refunding gold 5a.............. 1947 J J
Preach Republic 25-yr ext 8 s. 1945 J D 1003.1 Sale 99*4
78*2 - - - 78*2 July'21 ____I 76% 81*2
64*o (>(>
9S
95% Sale 93
96 1 0 J9 95
68
Mar'20
2 0 -year extern loan 7 Ha
1941 J D
Refunding 4h Series C
194ft J J
63 MayT9
Ind A LnulftV 1st gu 4s
195ft j J
99% 42 97% 100
Chic Ind A Sou 60-yr 4a___ 1956 J J “ 6 6 “ 70% 70 M ay’21 ____ 70
5-year 5H % notes_______1921 M N 99% Sale 9978
71%
86 % Sale
87U
78
8578
87*4 493 83
76 ------ 76 June’21 ___ I 76
20-year gold bond 5 He. .1037 F A
Chlo L S A East lat 4H8__ I960 J D
69
Sale
23
89
Sale
536
91%
65%
69
89*4
86
63% 71%
88*4
Cb M A 8 t P gen g 4a aer A-«1989 J J
10-year conv 5 348________ 1929 F A
563 94
99
92% Feb’ 16 ------ 1
9878 Sale 08*2
99
3-year conv 6 Ha
p i922 F A
Reglatered
__el989 Q J
3' 81
59% J ul v '21
8 S%
Italy (Kingdom of) 8 er A ft Ha ‘25 F A 8 8 * 2 ____ 8834
Qen’l cold 3 Hs Ser B
£1989 J J
57% 61
88 %
59% 6 i
104| 75% 85*2
85
74%; 20 71% 7934
General 4 H 8 Serlea C __ __ £1989 J J $74 Sale 73%
Japaneae Govt— £ loan 4H8.1925 F A t 85*8 85% 8434
Si 75*8 85*4
27| 57*2 65
85*4
60%
Gen A ref Ser A 4 Ha_____af.014 A O 60% Sale 59%
Second series 4 Ha_____ 1925 J J I 85*8 Sale 8434
6 7 1 ? Sale
« 2 56
70%
70%
Sterling loan 4s__________ 1931 J J j 70% Sale 69%
66*2
67*2 29, 02
Gen ref conv Ser B 5a___ a2014 F A
72*2
25 74*2 85
r 0 62% 72
84
G6 % Sale C5%
Lyons (City ol) 15-yr 6 a .. 1934 M N S3 Sale 81
66*2
Convertible 4 Ha_________ 1932 J D
7 5 % Sale
74%
75*2 271 70
Marseilles (City of) 15-yr 6s. 1934 M N 83 Sale 81
7S%
83*2 40 74
84*2
Permanent 4e_....................1925 J D
3 1 55% 68 %
781 40
55
57%
Mexico— Exter loan £ 5a of 1899 Q J l 44*4 Sale 4 F 4
25-year debenture 4s______1934 J J
59% Sale 57%
4 £*4
_
------41
98 M ay’ 211------ 97*2 98%
Gold debt 4s ol 1904........ 1954 J D 33*8 Sale 33*8
33*2 19 29
Chic A L Sup Dlv g 5a___ 1921 J J
96 96% 105
10 1
Cblc A Mo Rlv Dlv 6 a___ 1926 J J
Norway external a t 8a____ 1940 A O 103*4 Sale 102*2
89*2 M ay’ 21,------ 89*2 91
S3*2 ,9)
63% 47 59*2 68 %
9 9 % 123 94 10 0
63 Sale 61%
Parts (City of) 5-year 6s___ 1921 A O 997s Sale 99*4
C M A Puget Sd lat gu 4a_ .1949 J J
98* 9 161
98*2
Fargo A Soil asaum g 6 a
1924 J J 92 ------ 10 2 Sept’ 19 . . . .
3an Paulo (State) ext s f Sg 1936 J J 98% Sale 96
79 Sale
159 81% 8 8 *s
79
79
S578 Sale 85
Sweden 20-year 6 s
.1939 J D
83
Mllw & Nor lat ext 4Ha__ 1934 J D
76% Sl%
105 Sale 104*4
105% 119 102% 103
84% Jan’21
84% 84%
Swiss Confederation 20 -yr s f 8 s ’40
Cona extended 4 Ha___ 1934 J D
76*4 80
i 98*4 99%
Switzerland tClovt nft ■ t Pa io,m J 1
102% June’ 2l
104%
99% June’ 21
10 2
WIs A Minn Dlv g 5a
1921 j J
62
Oblc A N'weat Ex 4a_._1886-’ 26 F A 88*2 8912 87% July'21 . . . J 85*2 89
59*2 July’9i
43
Tokyo City 5s loan of 1912........ M S ■v8
62*2
74 94 10 0
10 0
82 ------ 84% Mar’ 21 ____ 84*2 85
Registered. _ ...........1886-1926 F A
Zurich (City of) a 1 8 s__
_ 1945 A O 9934 Sale 99
56 62*2 69
66
General gold 3 Ha________ 1987 M N 66 3ll*e 64%
t These are prices on the basis of $5 to i
6S
Jan’ 21
Registered
pi 987 G F
6S
68
i 71*2 78
75*2
75*2
State and City Securities.
General 4s________________1987 M N 75is 78
2 1 2 82*4 88
85 Sale 84*2
72% 7734
85
73*2
Stamped 4s____________ 1987 M N 7 3 -2 Sa e 73%
N Y City—
Corp stock. 1960 M 8
91*2 92 July'21
General 5s stamped-----------1987 M N
81*2
87*4 96
13 82*2 8 8 %
*X a Corporate stock___ 1964 M S So *4 Sale 81*2
10 82*4 88
96% July'21 1____ 96*8 99%
Sinking fund 6s______1879-1929 A O 98*2 100
80*4 Sale
Wia Corporate stock_____I 9 6 0 !A O
80*4
80*4
15 87*2 93%
97
89%
Registered..............1879-1929 A O _ _ _ _ ———— 98% Feb 21 _ _
8934 90*2 89%
4He Corporate stock Jaly 1967
98%
5 90% 90%
87% 92*2
90%
90*4
4Hs Corporate stock
iQfiAJ D
Sinking fund 58 __
1879-1929 A O
S9% 90*2 89% July'21
Registered
. 1879-1929 A O 90*4 913S 94*2 Feb’20
87% 94
4Hs Corporate stock
1963 M S S834 10*2 SSos July ?21
80
84
99% Feb’ 211___
S0% July ’2 1 ____ 79
Debenture 5s____________ 19211A O
1 % Corporate stock ......... 1959 M N
99*8 99%
98 Mar’ 1 9 ___
1 78*4 84*4
Registered
1921 A O
4 % Corporate stnck
1 958 M N
SO Sale SO
80
19 87% 91%
90%
90 Saie 89
Sinking fund d"eb 5s_______ 1933 M N
79*4____ 80 July'21
i% Corporate stock..........1957 M N
78*4 84%
Registered
1933 IVI N
1% Corporate stock reg
1956 M N ____ 80*4 81*2 Apr’ 21
90*2 N ov’20!___ l
81*2 83*2
102*4
104%!
5 90% 104*2
New 4H s____________ I __1957 M N
89% 91 ‘ 89 July’21 ___
10-year secured 7s g_______ 1930 J D 102*2
87*2 93*2
10138 141 i 96% 102
15-year secured 6 Hs g ____1936 M S $102% Sale 100
89 July *21 ___ 86*4 93*2
S934 91
4 H % Corporate stock . . . 1957 M N
74*2 — - 10 1*2 Oct’ 16 ___ ^
Des Plaines Val 1st gu 4 H a._’47 M s
3H % Corporate s t o c k . 1954 M N
71*2 72% 73% Apr’2l _ _ _ — 73*2 74
991 ? 1 0 1 % 100*4 M ay’21
1 0 0 % 1023a
Dec’2 0 ___
N Y State— 4s_______
1961 M S
90
Frem Elk A M o V 1st 6s__1933 A 0
70
70
Canal Improvement 4s
19 6 1 J J ____ S8
89 Sept’2 0 ____
Man Q B A N W 1st 3H9-1941 J J 65*2------ 70 M ar’21
Canal Tmpmveme^t 4g
1960 J J
65* ---------93 Jnlv’SO
Milw A S L 1st gu 3 Ha" 1941 J J
j
91
93%
Highway Improv’t 4 H s .ll9 6 S 'M S 95
10 1
Apr ’2 1 . . . J 1 0 1 1 0 1
9 1 % ------ 91 June’21
Mil L S A West Imp g 5S..1929 F A
1
99
99
95 July’20
Highway Improv’t
1965 M 3
Ashland D lv 1st g 0s .1925 M S 9 8 % ------- 99 Mar’ 21
98 % ------- 98U June’21
Virginia funded debt 2-3s
19 9 1 J J
Mich Dlv 1st gold 6s
1924 J J
98*4 90*2
61*2 71*4 Oct *20
76
77
2 , 74
76
76
5s deferred Brown Bros otrfs
78%
75*j Dec’20
M il Spar A N W 1st gu 4s. 1947 (VI 9
! 85% 90
St L Peo A N W lat gu 5a. 1948 J J 8712 S9U 85% June’21
72% Sale 71%
78i 67
72%
73*2
Railroad.
Chic R I A P— Ry gen 4s___ 1988 J J
55
55
Ann Arbor 1st g 4s________ *1990 Q J 54
55 July'21 - - - — 50
-- 1 67% 67*4
R egistered____________ 1988 J J 6 4 % ------ 67% Feb’21
68*2 496 64
229 73*2 79*4
79
Atch Top <fe 8 Fo— Gen g 4s . . 1995 A O 7 S34 Sale 76%
69*2
Refunding gold 4s________ 1934 A O 6 S% 5s1® 66 %
2 75
69%
67%
17 04
75%
Registered ................ ..1995 A O *75 ____ 75*2
R I Ark A Louis 1st 4H8..1934 M S 6 7 % Sale 66
77*4
86 June’21 ____ 85*2 86
1 67% 73
Adjustment gold 4s______*1995 Nov
71%
71%
67*2 73
Burl C R A N 1st 5s........ 1934 A O 83% 92
2 2 68
Stamped........................ *1995 Nov
73
C R I F A N W lat gu 58. .1921 A O 9 8 % ------ 97*4 Feb'19 ____ _ _ _
72*2 Sale 71*2
72
37 67% 72
79% S2
7 0 34 Sale
71
Ch Okla A G cons 5a______1952 (VI N — _ ------- 80% June’ 21 ___
Conv gold 4s........................ 1955 J D
69*2
Conv 4s Issue of 1910_____I960 J D
84
S3
SDo S3 July’ 21 ____ 79
Keok A Des Moines lat 58-1923 A O 63% _0S% 62% June’ 21 ____ 62% 73
65 Sale 64
65
61% 68*2
East Okla Dlv 1st g 4s___ 1928 M 8
85
St Paul A K C Sh L 1st 4H 8-’41 F A
84*2 87% 83% July*21 ____ 83
40,
2 97% 1 0 2 %
10 2
72
70 Sale 6 S July'21 ____ 65
Rocky Mtn Dlv 1st 4s___ 1965 J J
Chic St P M A O cons 0s___ 1930 J D 1 0 1 i 0 l% 1 0 1
80% - - - - 81% Jan’21 ___
81% Sl%
1 72% 76*4
Trans Con Short L 1st 4s_1958 J J
77
Cons 0a reduced to 3Ha__1930 J D
743s 77*2 77
S3
82
84
77
Cal-Ariz 1st A ref 4 Hs “ A ” 1962 (VI S 78*4____ 78 July*21 ___
84*8
Debenture 5a____________ 1930 M S 82 sale
1 79
Rfilo 88
J J
S Fo Pres <V Ph b t o
lO i° M S SA5o
118 N ov’ 10
____
_____
_
s
95 M ay’ 18
Atl Coast L 1st gold 4s........ *1952 M S 7 8 34 Sale 78*2
13 73*2 81
Superior Short L 1st 5s g__£l930 M
78%
64"
7o
6 S M ay’ 21 —
08
18 99 104
10-year secured 7s________ 1930 M N 1 0 2 Sale 1 0 2 %
104
Chlo T H A So East 1st 5S..1960 J D 65
i i 10 0 % 1 0 1 %
101%
,9 72% 78
Gen unified 4 H S - - _____1964 J D
Chic A West Ind gen g 08_.£l932 Q M 100*4 103% 100*4
7658 ------ 73*2
76*2
14 53
62%
60
Ala Mid 1st gu gold 5s___ 1928 M N 94 ____ 95 July’21
91
95
Consol 50-year 4s________ 1952 J J 60 Sale 59*2
95
95% 95
0 93% 100
95
15 year s f 7 H s ----------------1935 M s
Bruns A W 1st gu gold 4 s ..1938 J J 79% 83
79
Jan’21 ____ 78*2 79
73
75 June 21
72% 75
_ _ 129% Aug'15
Charles A Sav 1st gold 7s 1936 J J 1 0 2
Cln H A D 2d gold 4Ha_____1937 J J
_____ 88 Mar’ 17 ___ :
fiQlo
71 lo
L A N coll gold 4s
fllQ62 M N
38 66 % 73
C Find A Ft W 1st gu 4s g 1923 M N
_
81
32% 81
Jan'20
Day & Mich 1st cons 4H8-1931 J J
Sav F A W 1st gold 6s___ 1934 A O 9 9 1 1 1 0 1 1 9 ino7ft Nov’20
s 65% 72
66*2
67
89
Clev Cln Ch A St L gen 4S..1993 J D 67% 69
1st gold 5s...................... 1934 A O 87^ 94 “ 89 " June*21
89
77
V 72
72
72
SI
Salt A Ohio prior 3 H s ..........1925 J J S6 Sale S43«
92 79% 86
20-year deb 4 Ha.......... ......1931 J J 74
S6
_J SI
83%
79U \fAr,421
Registered. .................... __*l 925 Q J
79*2 79%
General 5s Series B _______1993 J D S 1 * 2 ------ S2 June’21
34; | 85% 91
89*2 Sale SS
90
Ref A Impt 68 Series A ___ 1929
1st 50-year gold 4s.............*1948 A O 69*4 Sale 68*4
69% 52 64% 70%
74%
72*4 <5% 73 June’ 21 _— ! 73
643. .Tiilv'Sl
64% 67
Cairo Dlv 1st gold 4s_____1939 J J
Registered.......................... *1948 Q J
66
67
62% July’21 . . . . I 62% 69
Cln W A M Dlv 1 st g 4 s ...1991 J J
10-yr conv 4H s___ *______1933
71%
703s Sale 6S34
71*4 1S9 65
66 % July’21 . . . .
65% 71
St L Dlv 1st coll tr g 4s___ 1990 M N
Refund A gen 5s Series A . .1995 j D
74
ss 66
73 *s Sale 71
72
68
77
Temporary 10-yr 6 s...........1929 J J
Spr A Col Div 1st g 4s___ 1940 M S 73 ------ 77 June’21
90 Sale 89
90
73 87% 93*2
84 Nov'16 —
11 2
Pitts June 1st gold 6s
1922 J J
95
W W Val Dlv 1st g 4s
1940 J J ____ 75
Jan’ 12
75*2 75%
C I St L A C 1st g 48____ £1936 9 F ____ 75% 75*2 July’21
P June A M Dlv 1st g 3Hs_1925 M N S0i2 85 1 79% July'21
6 8 % 81*2
82% Sept* 19
F
! 65
M N
6 *% 66*2
S5*$ July’ 2 11
85*4 90
85% S5%
83 “
Cln S A Cl cons 1st g 5S...1928 J J
42 73% 83
Southw Dlv 1st gold 3Hs -1925 J J 82*4 Sale 1 81*2
9S% 98%
i R6 MAr'9.0
C C C A I gen cons g 6 s__ 1934, J J 96*2____ 98% M ay’2l —
Cent Ohio 1st o g 4H s
1930 M S
81*s
Nov’20 ’ ____ i____
6 8 * 4 _____ 74
Ind B A W 1st pref 4s____ 1940|A O
Cl Lor A W con 1st g 5sI.1933 A O
855s _____ 1 86*2 July '2 1
86*4 91*4
-------85
O Ind A W 1st pref 5S-.-J1938 Q J 67*s ____ -------Ohio River R R 1 st g 5s. _ . 1936 J D
84*2 88 * 85 July’21 __
8S
2 54
61%
57
58
53
59
84
84
Peoria A East 1st cons 4 a .. 1940, A O
Feb* 21
General gold 5s_ . _ ..1937 A O 76*8 _____ 84
l 18
20
2 "%
22% Sale 22%
Income 4s _________ —
1990 Apr
95*4 96%
Pitts Clev * Tol 1st g 6 a .. 1922 A O
9 6 U ____ 95*4 M ay’ 21
79
84%
SS%
S3°4 --------- 80*2
56 Sale 54
1 2 50*8 56
Cleve Short L 1st gu 4Ha -------- 1961 1* O
56
Tol A Cln dlv 1st ref 4s A _ . 1959 J J
4 1 77
84
Sl%
S l % Sa lo 81%
Colorado A Sou 1st g 4s ---------- 1929, F A
Apr*21
91
93
893s 90*2 93
buffalo R A P gen g 5s ______ 1937 M S
4b 1 72
76%
76 Sale
, 4*2
*0
2 79
Refund A Ext 4 H a . ............ 1935.N1 N
80
80
81 I SO
85
Consol 4.He _______________ 1957 iVi N
4 93
99
99
99*4 99
Ft W A Den C lat g 0s ____ 1921[J D 99
71
71
All A West 1st g 4s gu ____ 1998 A O
69*8 --------- 71 M ay ’2 1
QQl.j
A np'Of
1 Q*
c ____ ______
J J
s\ 59% 78
66
03
66*2 70
Cuba R R let 60-year 6s g_.1962 J J
99*8------ 1 99*4 July'211____ i 99*8 99%
Rocb A Pitts Con 1st g 6 s 1921l J D

U. i . Gu«a(unt«Ml
IfIfell Liberty Loan—
3H % ol 1W32 1047.....................|J 1>
Cunv 1% at 1032 1047___
J D
Conv 4 % % ol 1032 1047_____ J D
id Uoflv 4% % 0 / 1032 1047__ J D
ieoui.d Liberty Loan—
4% ol 1027 1042
Con? 4V4% ol 1027 1042........ M N
Third Liberty Loan—
M S
4)4 % 01 1028
Fourth Liberty Loan—
4 34 % of 1933 1033______ ____ A O
victory Liberty Loan—
J D
i % % Noted ol 1022 1923
J D
8 H % Noted ol 1022 1923
Id consol registered__ . __ 31030 '• J
JJ COXidul ooupon____ _
0103*' O J
id registered.................. ....... lo26 Q f
. . ____ 1925 O F
id coupon__
Pan Canal 10 30-yr 2d___ 41938 O F
Pan Canal 10 3 o y r 2d reg
1938 Q N
Panama Canal 3a g . . . __ ..1981 Q M
Registered______________ 1901 ^ M

\'o price Frida y; latest bid and asked. aDueJan. tfDue April. cDueMay.

Bid

Ask
86 *Sale
$103 Bale
98*8 Sale
73 *2 74*2
89*8-----85 Sale

Due June ADue July. fcDue Aug. •DueOot. pDueNov (Due Deo tOWMVu sale

0

New York BOND Record — C o n tin u e d — Page

Si

BONDS
If. Y . STOCK E XC H A N G E
W eek ending July 29

D el Lack <fc Woatorn—
M orris A Essex l« t gu 8M02OOO J d
N Y Lack A W 5a______ ..1 0 2 3 F A
Term A Im p rove -lb _ .1 9 2 3 M
Warren 1st ref gu g 3 H e . -2 0 0 0 .F A

Week' $
Price
Hanoi
Ran ye or i ]
Friday
Sinu
July 2!)
Last Sate
Jan. 1
Hiol No Low lliyh
Bid
Ash Low
0 712
67% 70
95%
05% 97
04% ------- 94%
59 ------- 102%

N

1st lien equip tf 4 M b _____ .1 92 2 J J
1st A ref i s _______________... 1943llVI N
80-year con v 6 e__________ .1 08 5 A O
10-year secured 7 u ........... . .1 9 3 0 J l>
A lb A Susu oon v 3 H u____ _ 194C A O
A Haratn<m ‘JO-vi' An 10 11 Ml IV
Den A H Or— 1st cons g 4s. -193C J J
C onsol gold 4 M R -_______ . 1930 J J
Im provem ent gold 5s____ _ 102S J 1)
1st A refunding 5s----------- - 195£ F A
Trust, C o cor Mrs o f d e p o sit...
R io f ir Juno 1st gu fin
193fl J
lOJf i
R io Hr Ron Inf, gold 4 m
1040 Li l
G uaranteed-.. _
R io Gr W est 1st gold 4 s . .19313 J J
M tge. A coll trust 4s A .1949 A O
1OOfi J D
G old 4s_ _
1995 J l>
D et R lv T u n T er T u n 4 M «- .1901 M N
D u i M lssabe A N or gen 6 e-_ .1941 I J
D u l A rron R ange 1st 6 s ____ .1937 A O
Registered___
1937 A O
D u l Sou 8 bore A A tl g 6 s ___ .1937 J J
Elgin Joliet A E ast 1st g 6 s_ .1941 M N
Erie 1st consol gold 7s ext _ .1930 M S
1047 M TM
N Y A Erie 1st ext g 4s
3rd ext gold 4 M 8 - - - _____ .192 3.M S
4th ext gold 6 s --------------- .1 9 2 0 A O
5th ext gold 4s.
1928 J D
N Y L E A W 1 t4 7b ext
1930 |M S
Erie 1st con s g 4s p rior. __ .1 99 6 J J
IQQft J T
Registered - _
1 st consol gen lien g 4s_ _1990!J J
IQQfl'j T
Registered___
Penn coll trust gold 4s 1051 I f a
50-year con v 4s Ser A . _ .1953; A O
d o Series B __________ .1 9 5 3 A O
Gen con v 4s Series D . _ __1953|A O
C hic A Erie 1st gold 5 s___ _1982,M N
Cleve A M ah on V ail g 6 s 1938 J J
Erie A Jersey 1st s f 6 s___ .1 9 5 5 'j J
Genes see R iver 1st s f 0s
1957 J J
L oag D o ck consol g 6 s
1935|A O
Coal A R R 1st cur gu 6 s
392 2'M N
icuai.T 1
D ock A Im p t 1st ext 5s
N Y A G reen L gu g 5s
1940 M N
N Y Susq A W 1st ref 5s_ _ .1 93 7 J J
2d gold 4 M s___
1937 F A
General gold 5 s________ .1 94 0 F A
Term inal 1st gold 5s _ .1943 M N
M id o f N J 1st ex t
_____ .1 9 4 0 A O
W llk A East 1st gu g 5s___ .1942 J D
E v A In d 1st conB gu g 6 s
1926 J J
Evans A T H 1st cons 6 s
1921 J J
1st general gold 5s________ 1942 A O
M t Vernon 1st gold 6 s ._ .1923! A O
Bui C o B ranch 1 st g b___ .1 93 0 A O
Florida E C oast 1st 4 M s____ .1 95 9 J D
F ort St U D C o 1st g 4 M s ._ .1941 J J
F t W orth A R io G r 1st g 4s_ .1 92 8 J J
G alv H ous A H end 1st 5s __ .1 93 3 A O
Grand Trunk o f Can d eb 7 s. .1 9 4 0 A O
G reat N or Gen 7s ser A __ .1936 J J
1st A ref 4M a Series A ___ .1961 J J
Registered ____________ .1961 J J
9t Paul M A M an 4s ......... .1 93 3 J J
1 st consol g 6 8 ............ .. .1 93 3 J
Registered __
1933 J J
R educed to gold 4M s__ .1 9 3 3 J J
Registered __________ .1 93 3
D
M o n t ext 1st gold 4s __ .1 93 7
Registered ........ ......... .1937 J D
P acific ext guar 4s £ __ 1940 J J
E M inn N or D Iv 1st g 4 s. .1948 A O
M inn Union 1st g 6 s
.1 92 2 J
M on t C 1st gu g 6 s .......... .1937 J J
1937 J J
Registered __
1 st guar gold 6 s _______ 1937 j
j
Will A S F 1st gold 5 s . _ .1938
D
f
Green B ay A W D e b ctfs " A
Feb
Feb
D ebenture ctfs “ B ” _____
G u lf A S I 1 st ref A t g 5s__ 51052 J J
H ooking Va^ 1st cons g 4M 0- .1000) J j
R e g is te r e d ... ___________ 1999 J J
C ol A H V 1st ext g 4s____ .1948 A O
C ol A T o l let ext 4 s . ____ .1955 F A
H ouston B elt A T erm 1st 5 s. 1937 J J
Illinois Central 1st gold 4 s . . .1951 J J
Registered______________
.1951 J J
1st gold 3 M s....................... 1951 J J
Registered___________ __ .1951 J J
Extended 1st gold 3 M s . . . .1951 A O
R e g is t e r e d -___________ .1951 A O
1st gold 3s sterling_____
.1951 M S
Collateral trust gold 4s____.1952 M S
Registered______________ .1952 A O
1st refunding 4 s _ . _
.1955 M N
Purchased lines 3 M s______ 1952 J J
L N O A Texas gold 4s____.1953 M N
Registered _________ __
1963 M N
15-year secured 5 M s ......... 1934 J J
Cairo Bridge gold 4s _____ .1960 J D
Litchfield D Iv le t g old 3s_..1961 J J
Loulsv D Iv A T erm g 3 M s .1953 J J
M iddle D Iv reg 5s _ ____.1921 F A
Omaha D Iv 1st gold 3s____.1961 F A
Bt Louis D Iv A T erm g 3s_..3951 J J
G old 3 M b - __________ . .1961 J J
Bprlrjgf D Iv 1st g 3 M s _____ .1951 J J
Western Lines 1st g 4 s_____ .1951 F A
R egistered_____
______ 1961 F A
Bellev A C ar 1st 6 s . _
.1923 J D
Carb A Shaw le t gold 4s_ .1932 rvi s
C hic St L A N O f o ld 6 s . . . .1961 J D
Registered. _______
1961 J D
Gold 3 M b_____________ 1961 J D
Joint 1st ref 5 b Series A . 1963 J D
M em ph D lv 1st g 4 «____ 1951 J D
R egistered ________
1961 J D
8 t Louis Sou 1st gu g 4a__. 1931 M S
ind 111 A Iow a 1st g 4 b
I960 J J
Jnt A G reat Nor 1st g ext 7s _ 1922 M N
James Frank A Clear 1st 4a_ 1959 J I )
Kansas C ity Sou 1st gold 3 b_ . 1950 A O
R egistered_________
1950 A O
R ef A im p t 5 b _____ A pr 1950 1 J
Kansas C ity Term 1st 4 s ___ I960 J J
Lake Erie A West, let g 5 b _ 1937 J
2d gold 5 b ______________ 1941 J J
N orth Ohio
t guar g 5a 1946 A O
Leh Val N Y 1Bt gu g 4 M b ___ 1040 J J
Registered
1940 J J
f-eblgh VaJ (P a) eons g 4s___ 2003 VI N
General cons 4 Ms . . .
2003 M N

O

58

5

J

J J
J
J

J

J

In

• No

J u ly ’ 2 1 ____
001,t 70%
J uiio’ 2 ____ ! 95
00%
Juno’ 2
91
93%
Fob'Of <!____

97% J u ly ’ 21 ____
00% 07*4
9 7 '2 ____
4 : 74% 81
80
7778 ------- 79
9 78
83
85
85 Sale
85
2 100% 10412
! 03%
103% Sale 103%
70
J u ly ’ 21
7 1% ____
08% 73%
56 02
04%
00%
00%
21 08% 72
08
09
37 1 07% 72
70
70%
45%
47% 107 1 40% 47 %
7 37% 48%
42%
43%
72% June’ 2 1
7 *>1u 75
01 % A p r’ 1 i
10
29% Deo'2C ._ *>
(j5 12 GO*2 66%
65%
01% 00%
32 47% 54
52 >2 Sale
51.
52%
57
M ay* 2 1
5S78 78
r»7
57
50 M a y ’ 21
50
50
J 1 74% 78
78 Sale
77%
78
___________ 92% June’ 2 1 . —
92% 92%
3 87% 91
SS% Sale
88%
88%
105% M a r’ Ofi
75
79
83 “ F ob ’ 2 1 ____
83
83
S6 % June’ 2 1 —
8 4 U ____
80% 89%
—
_____ 99
95 M a y ’ 21
95
99%
Jau’ 2 C
65 _____ SO
_____ 95
91 M a y ’ 21 _—
91
91%
72
90
90
Apr* 21
90
90
94% N o v ’ 15
98io A u g ’ 19
56% Sale
54%
58% 1 1 2 61
5S %
58% O c t’ 2C
143
44% Sale
4212
44%
39% 45
73 June’ 10
73% 74
73 M a y ’ 21
79 %
22
38% 39% 38%
39%
35% 40%
37%
39% 117 34% 41
3 9 18 Sale
34 37
43% Sale
4178
43%
45%
6
77 Sale
76%
77
75
81%
—
1
0
6
%
J
a
n
'17
7 8 % ------2
77^2 82
76%
76%
76% 8 8
M a r ’ 21 ——- - 80
75 _____ 81
si
qq
99 _____ 9 7 June’ 2 1
97
103
Jan 18
78% A p r’ 21
7 8 % ____
76
78%
70% 77
85
JanT8
J u ly ’ 2 1 ____ 55% 61
52
57% 5 7
40
A p r‘ 21 —^ — 40
40
------- 457s 4 5 7 8 J u ly ’21 ____ 45% 50
.
.
.
.
73% 75
81% Jan’ 21
81% 81%
72
N o v ’ 19 —
72 ____
:0
50
50 Sale
U
47
54
231* Jan’ 17
99% JuDe’ 21
S91* QQS,
85 _____ 8 8
A p r’ 21
8 8 “ S£3<
69% A p r % l - — — 69% 71
5 3 % ____
69% A p r‘ 21 —
5 3 % ____
69% 691*
72% J u ly ’21
72% 76
71% 77%
—
64
____ 6 6
A p r’ 21
66
66 "
63 ____ 65 M a y ‘ 21 —
<61% 65
____
!
6 3 % ------ 63
M a r’ 21
0 2 % 63
1 0 1 * 4 Sale 10078
79. 9934 103
101%
1 0 0 5 8 Sale
99%
101 129.51 Qfiio m i
3 77
80% Sale
S0%
80%
82%
96 June’ 16
84 ____ 84 J u ly ’ 21
81*4 84
1 0 0 % 1 0 1 % 100% J u ly ’21 —
99% 1021*
99
Sept’ 20
5 87
8 8 % -----88%
88%
92
120% M a y ’ 16
80% 82
80% J u ly ’ 21
79
82%
M a r’ 21 ___ 80
7 8 % ____ 80
80
____ 80
83
M a r’ 20
7 4 % ------ 74% M a y ‘ 21 ____ 75
791?
M a r ’ 21 __ _ 99
98 ____ 99
991*
101
____ 9 9 J u ly ’ 21 —
90% 103
136% M a y ’ 00
____
8 8 % 90% 94% Jan’21
90
94%
8 8 % ------90
Jan’ 21 . . . .
90
90
70
F e b ’21 . . . .
50
56
05
70
6
J u ly ’21
6
7%
8
5%
65 ____
65
J u ly ’21
65
6934
15 67% 76
72% Sale
72
72%
73% June’ 18
67% 70
7312 O c t’ 18
65% 69
671* J u ly ’21
67% 6768
77% 80
77 June'21 ____
76
84
8 3 % _____ 83% J u ly ’21 ___ 81% 84
92
Sept’ 17
68
_____ 6 8 J un e’ 21
68
71%
6 2 % ------- 84
N o v ’ 15
70 ____
70% D e c ’ 2 0

s

60 ------08*4 IVOR
7 0 11 72
17 Sale
431s Sale
71
74H.1

72

73

76 Sale
6 2 % ------71 Sale
____ 67%
91% Sale
6 9 % ____
58 ____
65 ____
5 7 % ------5 6 % ____
6 6 % 67
____
58

68% ------9 3 % _____
70
____

88

-------

8 5 % -----6 2 % -----83% Sale

73

73%

80
J u ly’09
71%
71%
95% S ep t’ 19
75%
76%
65% M a y ’ 21
69%
71%
68
D eo’ 2 0
91
91%
7 3 % Jan’21
58 June‘ 21
6578 J u ly ’21
102 June’ 10
60 J u ly ’ 21
56% June’ 21
64% June’ 21
80% Nov* 10
70
J u ly ’21
92
Nov* 10
94 M a y ’ 21
73
M a r’ 19
8 6 % June’21
8 8 % A p r’ 21
65% J u ly’ 18
79%
83%
71% J u ly ’21
65
Nov* 17

73 ------7 2 % ____

90
72%
57

77
71
80

68
62
84
68

70
79

____
94
57%

60

74

7134

77%

16

66%

72%

95

8534
73%
58
64%

92'%
73%
58%

....
....

50
56*4
64%

60%
58%
61%

____

69%

75

_ __ _

94

94

....

86*4

91%

—
....
....
____

68

58
____

40
32

0

.

20

78%
67%

87
73

75

77%
68% 70%
88% 90%
72

54
72
69%
79
64

83
80
'll 67%
22 72%

75%
57%

77

h
h

H

It

g5

g

at

M ortg a g e 3 M s------------------- 1997
R eg istered .
_ _
1997
D eben tu re gold 4s_ ..............1934
R egistered __ __ _
1934
30-year deh 4s
1942
L ake Shore coll g 3 M s ____ 1998
R e g is t e r e d __________ ,..1 9 9 8
Mirth C e n t rtnll gnlri 214a 1QQ8
R egistered............ ............... 1998
B attle C r A Stur 1st gu 3s 1989
Beech Creek 1st gu
4s ..1 9 3 6
R egistered_______________ 1930
2d guar gold 5s__
____ 1930

g

C art A A d 1st gu g 4s
G ou v A O swe ist gu a 5 n

J
J

J
J
IVI N

IVI N
J

F
F
F
F

J
A
A

A
A

J D

J J
J J
J
A
J

85
80
70
84

Price
Wtek'e
Rumy
Sanya or
Friday
Since
Last Sale
July 29
i Jan. 1
Bid
A hA Low
l/ijt I No LOW h i0 k
91*4
01*4
01*4 02
•P I 00% 01*4
100%

Sale
91% 96

113
Mftr'12
07%
00 J1
02
92
105
Oof,

June.

A D u e J u ly ,

Ini
" ....
70
J u ly ’ 2 1 . . . .
8512
June’ 21 - . - - 82%
June’ 21
00
Feb*21
01
O c t’Or
t]
03
M a y ’ 21
1 08
01
1 57%
0 j 04
08

71%
91
83%
75
01 %

82
88
83% __ _
75*4 80
07% Sale

87
J u ly ’ 21
1f 1
83
A p r‘ 21
83
75*4 J u ly’ 21 —
75%
00%
07%
4 03%

8.7
83
70*4
09

8 0 % _____ 92*4 Jun o *21
00
80
83
20
82%
8 2 *a
78%
7 7 % _____ 78
F e b ’21 ____
78
r
88
Halo
88
88
«> 85%
104%
2 0 iqo
104*4 Sale 104%
J u ly ’21 — _ _ 80
8 6 % _____ 8 6
99
_____ 98
J u ly ’21
98
____ 100
92
F e b ‘ 20 ____
72
75
71% D e c’ 2C
Q41j
52
52% 51*8 J u ly ’21 ___
50%
72% 73
72
72
27 09%
88
_____ 95% N o v ’ 1.9
99% 100% 100 M a y ’ 21
100
71
74% 70%
1
70%
70
82
8C
86
J u ly ’21
83
7 8 * 8 _____ 80 ju n e ’ 2 1 . . . .
80
67
6
65% 6 6 % 6 6 %
64%
95
F e b ’05
85% 92% 90
Jan’ 21
90
7 7 % _____ 85 June* 2 1 . . . .
81
0 9 * 4 _____ 99*8 M a y ’ 21 . . . .
99
8 9 % ____
94% Jan’21 ___
91
81
8 6 % 80% June‘ 21
80%
6 6 % 70
66%
67
6
64%
4 2 % ____
77
M a r ’ 10
75
N o v ’ 10
99
Ju ly’ 20
95 78 99
95
M a r’ 20
10
6 8 % 69
69
69%
67%
40 Sale
5, 39
39%
40%
40
41% 40
41
9
39%
6
43%
43%
43% 45
40
69
69% 70
2
70
68
24 38%
38*4 Sale
38%
39
80% Sale
62 7K3o
78%
80%
9 1 % ____
90 June’ 21
87
79 _____ 85
D e c ’ 20
8 9 % ____
89% J u ly’ 21 - —- - 88*4
70 _____ 70
70
2
70%
61*4 Sale
60*4
62% 282 56
? 6 % 37
13 34%
36
36
36
37% 34
J u ly ’21 ____
34
35
47% 30
Jan ’21 ____
25
------ 53
51
J u ly ’21 _ ___ 49%
*51 ____ 53
53
7 48%
38% Sale
38%
38%
9 30%
34% Sale
34%
34%
2
33
18% 25
17 June'21
17
41% 42
30 37
41%
41%
62 __
60% Jnn e’ 99.
5 4 % ____ 57 M a y % l ....
57
50% 6 8 *4 42
D e c ’ 20
62% 71% 60% J u ly ’21
65
54
69% 62% O c t ’ 2 0
32 M a y ’ 21
30
------ 50
37
Oct* 20

03%
84%
78
92
104%
80%
101%

77
92
87

Sale
9 2 1*
Sale"
5 4 % Sale
69% 71
5 7 % _____
7 5 % _____
80% 98
89% 90
71.*s Srle
6 8 %,

81%
98
_____
59%
72%
78
76
90%
98%

Sale
90
99
95

77
91*4
86

53%
58
68%
68

77
80%
88

102
71%
80%
061*
87
97%
90

60
81
83
76%

71
77
75
93%
____ 99
2138
22
181o
27% 29
30
16%
------ 17
6 8 % 6 8 % 67%
65 Sale
64%
92
Q93a Q97e
57% Sale
56
92% Sale
91%
103 8 ale 101%
71% Rale
69
78% Sale
75%

1

7
79
22
921*
19
87
54% 420
O c t’ lS
2
68%
June’ 19
1
June'21
|
J u ly ’ 21
90
Ju ly’ 14 _ _ _ .i
64
72*8
O c t’ 17 ____ I
681*
26;
8 e p t’20
J u ly ’21
M a r ’ 21
j
Dftrt’ sn
” 1
M a r ’ 21

"h

75 *4

6

63

Sale

56
____
ft9 1a ft‘-i

ft9

95 * 30
J u ly’ 21
June’ 21
J n lv’ 91
A p r’ 21
Jun e’ 21
J u ly’ 21
65
2
Q97u
5l
22
58
92% 184
75,
103
71%
37
6
78%
|
67% 107,
June’ 21
79% " _ 74
June’ 20
June’ 21
63
” 15
4
59
ft9.
9

66

____

57

June’ 21

67;j4 Sale
64% 65%

78% Sale

65*4
61*4
77*4

66%
72%

75

47%
78

80

72*i
62
59

49
F eb’ 20
81% A p r’ 21

70% July’21

J

7 6 * 4 ____ 104
60%

n D u e S e p t,

05% 100%
01% 03%

70
91
82%
67
91%
99%
03
72
50
00

72
78%
82% .

66
64

73

68% 67%
07% 64

85 Sale
83% Sale
*80 ____

81%
82%

80

q Due

O e t.

001
72
03%
00*4

100%
55
73%
100

72
87%
81*4
71*4
90
85
99*4
94%
83
68

72%
45
48
47
75
44
84%
91
90%
703*
62%

42

42
30
55
54
40
40%
17 ’
43
63
58
69
32

75%

80

81*4
50%

87
56%

67

75*4

75%
79%
S3

78%
79%
90%

66 *4

73%

64%

71%

ftfifto 92%

94
on
57
20

77

79

91%
98
21
ido

100

90
62
30
85
77
95
99%
26%
07

30
16%

30
33
66*4 70*4
61*4 67%
QQio
on
53% 64%
92%
87
103%
98
72%
82
71
62%
61*4
71

69%
67%
80%

72
59%
56

76%
64%
60

KQ

ftft

57

62

81%
76%

81%
76%

69

59%

64*4
63%
82
78*4
80

71%
67

M a y ’ 10
June’ 20

2
1

67%
64
85%
83%

28
46

July’21
1

# Du«

20

77%
70
871.1
88 ____
78
8 ^ 1,
08 % 70
94% 08%
08 _____
04
09%
72
00
02
00
67*4

O
D

1981
1942 J D
J J
Lake Shore gold 3 M » - ---1 9 9 7 J D
Registered
1997 J D
D ebenture gold 4 s _____ 1928 M S
25-year gold 4 s__________ 1931 IVI N
R egistered .....................1931 M N

74
83
72

ADue Fob.

Hi

fc f
2 °-

L ob v T erm u y 1st gu g 5 h _ . 1 0 4 1 A O
R egistered ................ ...............1941 A O
Leh Val It It 10 yr coll 0s - _nl 9'2^
Lob Val C oal C o 1st gu g 5u .1931 J J
Registered .
1931 J I
1st Int reduced to 4 « _ . ____ 1981 J J
L eh A N Y 1st guar g 4 h- __ 194G M S
Long Isld 1st con s gold 5s.
1931 G J
1st con sol gold 4 m. _ _____ 1931 Q J
General gold 4 s ___________ 193* J I)
Ferry gold 4 Ms
___- 1922 IVJ
G old 4 h...... ..............................1932 J I)
Unified gold 4s____________ 1941 rvi h
1 lebenture gold 5 s ..............1934 J I>
20-year p m deb 5 s _________1937 rvi n
G uar refunding gold 4s____ 1949 rvi s
R egistered.
_ _
1941; (VI B
N Y li A M li 1st con g 5 s. 1935 A O
NY A
li 1st gold 68____1927 M S
N or Sh H 1st con g gu 6 s.a 1932 Q J
Louisiana A Ark 1st
b ____ 1927 M 5
J f)
G old 5 s............ ........................ 1937 rvi n
Unified gold 4 s___________ 1940 J J
R e g iste r e d .. ____ _____ 1940 J J
C ollateral trust gold 5 s____ 1931 M M
10 year secured 7s ______ 1930 (VI N
L C in A Lex gold 4 M b ____ 1931 M N
N O A M 1st gold 0s______ 1930 J J
2d gold 0 s. .........................193C J J
Paducah A M em D lv 4s .1946 F A
St Louis D lv 2d gold 3 s ___1980 rvi S
A tl K n oxv A Cln D lv 4s_._1956 rvi N
A tl K n ox A N or 1st g 5s ..1 9 4 0 J D
H ender B dge 1st s f g 0s___1931 M S
K en tu ck y Central gold 4s_1987 J J
Lex A E ast 1st 50-yr 6 s gu_1905 A O
L A N A M A M l B t g 4 M s .l9 4 5 M S
L A N South M join t 4 s . . 1952 J J
R egistered . __________ 51952 O J
N Fla A S 1st gu g 6 s _ ..........1937 F A
N & C B dge gen gu 4 M 8 ---1 9 4 5 J J
Pensac A A tl 1st gu g 6 s . __ 1921 F A
S A N A la cons gu g 5s____ 1930 F A
G en con s gu 5 0-yr 6 s ____ 1903 A O
L a A J ef B dge C o gu g 4s____ 1945 rvi s
M anila R R — Sou lines 4s____ 1930 svi N
M e x Internal 1st cons g 4s___1977 M S
Stam ped guaranteed______ 1977 M S
M id la n d T erm — 1st a f g 5 s . .1925 J D
M in i) St L ouis 1st 7s_________ 1927 J D
1st consol gold 5s_________ 1934 M N
1st A refunding gold 4 s____ 1949 M S
R e f A ext 50-yr 6 s Ser A ___1962 Q F
Deijf M A F t D 1st gu 4 s. ..1 9 3 6 J J
Iow a C entral 1st gold 5 S ..1 93 8 J D
R efu n d in g gold 4 s______ 1951 rva s
M St P A S S M eon g 4s lnt gu*38 J J
1st con s 5 s________________ 1938
1st C hic T erm s f 4 s ______ 1941 M N
M S S M A A 1st g 4s lnt gu ’ 26 J J
M ississippi C entral 1st 5s___ 1949 J J
M o K a n A T ex— 1st gold 4s__1990 J D
2d gold 4 s .............. .......... 01990 F A
T ru st C o ctfs o f deposit
1st ext gold 5 s . . . .............. 1944 M N
1st A refunding 4 s .............. 2004 M S
T ru st C o certfs o f d ep osit __
G en sinking fun d 4 M s ___ 1930 J J
T ru st C o certfs o f d e p o s it ..
S t Louis D lv 1st ref 4 s ___ 2001 A O
5 % secured notes “ ext” __ 1916
D a li A W a co 1st gu g 5s .1 940 M N
K a n C ity A P ac 1st g 4s __ 1990 F A
M o K A E 1st gu g 5 s ____ 1942 A O
M K A O kla 1st guar 5s __ 1942 M N
M a A T o f T 1st gu 5 s. .1942 M S
Sher Sh A So 1st gu g 5s .1942 J D
T exas A O kla 1st gu g 5 s. .1943 M S
M issouri P a cific (reorg C o )—
1st A refunding 5s Ser A __1905 F A
1st A refunding 6 r Ser R
923 F A
1st A refunding 5s Ser C ..1 9 2 6 F A
General 4s............ ................. 1975 M S
M issouri P a c 40 year 4 s_____ 1945
3 d 7s extended a t 4 % _ .
1938 M N
C e n t B r U P 1st g 4 s l _____ 1948 J D
P a c R o f M o 1st ext g 4 s. ..1 9 3 8 F A
2d extended gold 5a.
1938 J J
St L Ir M A S gen con g 5s 1931 A O
G en co n stam p gu g 6 S ..1931 A O
U nified A ref gold 4 s____ 1929 J J
R egistered____________ 1929 J J
R lv A O D lv 1st g 4s
1933 WB N
V erdi V I A W 1st g 5s____ 1926 M S
M o b A O hio new gold 6 s
1927 J D
1st ex t gold 6 s_
51927 Q J
General gold 4s
1938 M S
M o n tg o m e ry D iv 1st g 5s 1947 F A
S t Louis D lv 5 s............ ........ 1927 J D
St L A C airo guar g 4s
1931 J J
N aahv C h att A St L i s t 5 s ...1 9 2 8 A O
Jasper B ranch 1st g 6 s ____ 1923 J J
N a t R y s o f M e x pr lien 4 M s . 1967 J J
G uaranteed general 4s
1977 A O
N a t o f M e x prior lien 4 M s ...1 9 2 0 J J
1st con sol 4 s _____________ 1951 A O
N O A N ’ E ls t ref A Im pt 4M 8A *62 J J
N ew Orleans T erm 1st 4s____ 1953 J J
N O T e x A M exinn lnt. An
1Q9f» J D
N on -cu m incom e 6 s A _____ 1936 A O
N Y C en t R R co n v d eb 0 s . . .1 935 IVI N
10-year coll tr 7 s__________ 1930 M S
C on sol 4s Series A
1998 F A
R e f A Im pt 4 M s “ A ” _____ 2013 A O

88% 88%

7%

a D u e Jan.

67%

------ 1 65% 69*4

777a M ay’21 ____
68% July’21
90% May’21 ____
72 July’21
56%
57%
74

78
O c t’ 09
Sale
75%
77
72% 71%
72%
81% 8 1
82
75
69 June ’ 2 1
70
65
Aug’ 19
8 6 % 83%
84
85
80 July’21
Sale
68%
70
Sale
76%
79

pvtoe Friday;la te s t b id a n d a sk ed this week.

1

BONDS
N . Y . STO CK E XC H A N G E
W eek ending July 29

513

2

i O p tio n Bale.

|

86
85
82

New York BOND Record—Continued— Page 3

511

•0 >a

BONDS
N . Y . STOCK £X C H A N ( JE
Week ending July 2b
If Y Cent A H tt RR (C'uaj—
Moh A M&i 1st gu g is
.1991
Mahon C‘l u u 1st oo
1934
Michigan t'cuirai 6 d ..__ .1931
taxi
4 s ____________ . . . . . . . . .1940

PflCd
rrm a y
July 29

i f

VVoak i
ttu u y t or
LdJi B o lt

4**1 L o w
72*2-----J 69

B id

J L A 8 1st gold 3Vid . . 1961
ldtgold 3 V^B-. . . . . . . . . .1952
2 © year debenture id__ 1929
fl J Juno HU guar 1st id
1936
N V A lloilcui g 3V)d------ .2000
N t A Northern Idt g 6o .1923
N * A Pu Ldt v-uu.3 gu g id -1993
Flue Greek icg guar 6a . .1932
H \V A O con 1st out 6a__ %1922
Rutland lat con g 4%a _ .1941
Og A L Cham ldt gu 4a g 1948
Rut Canada ldt gu g id 1949
St Lawr A Adlr ldt g 5tt.. 1996
1996
Otic* A Blk Hlv gu g id .1922
Pitta A L Frie 2d g os. . .al028
riUfl MU1 V A 1 L0 Lgu DO.
«U 3 Uaf AllUAIU Uu-••••• 1UX<1
West Shore 1st id guar__ .2361 J J
Registered ____________ .2361' J J
* V
1 Inoa
tm Sm
IQ

N Y Ohio A St L ldt g id__ .1937 A O
1UX7
Debenture 4d__. _____. . .1931 til N
N Y Connect lat gu 4 Via A . .1953 F A
N Y N FI A Hartford—
Non-coov deben 4d______ .1947 M 8
Non-conv deben 3V^a_
1947 rvi 8
Non conv deben 3 Vis____ .1954 A O
Non-conv deben id______ .1955 J J
Non-conv deben id______ .1956 M N
Conv debenture 3 Via____ .1956 J J
Conv debenture 6 a .____ .1948 J J
Hon* Ry non-conv 4s
1930 F \
1 Q.sa 1 T
Non-conv debep 4s
1956 i J
Harlem R-Pt Cbea lat id. .1954 IVI N
B A N Y A l r Line lat id .. .1955 F A
Cent New Eng lat gu is . . .1961 J J
Houaatonlo Ry cons g 6a. .1937 M N
Naugatuck RR lat 4s
1954 IVI N
1QX? \ 0
N Y W ’ehea A B 1st Ser 1 4 Via *16 J J
1945 J j
Conaol 4s__
.1945 J J
Providence Secur deb 4s. _ .1957 M N
Providence Term lat 4d__ .1956 M 8
1943 1 1
N Y O A W ref lat g 4a_____ 01992 M 8
r»l QO*> YT S
General i s _______________ .1955 J D
Norfolk Sou lat A ref A 5d_ _ .1961 F A
Norfolk A Sou lat gold 6a__ .1941 IVI N
Norl A West gen gold 6a__ .1931 IVI N
19 3 4 F A
New River lat gold 6 a____ M932 A O
N A W Ry lat cona g 4a__ .1996 A O
Registered
1996 4 O
Dlv’l lat lien A gen g is .1544 J J
10-25-year conv 4a____ .1932 J D
1 0 - 2 0 -year conv 4s____ .1932 M S
10-25-year oonv 4Via__ .1938 M S
1 0 -year conv 6 a______ .1929 M S
Pocah C A C Joint 4 8 .. .1941 J D
O C A T 1st gn^f gold 6 a 1922 J J
Sclo V A N E lat gu g 4a_ 198,9 M N
Northern Pacific prior lien rai way A land grant g 4a____ .1997 Q J
1997 Q J
Registered
Genera] Hen gold 3s_ __ 32047 Q F
Registered_____ _______ 32047 Q F
Ref & impt 6 a ser B ______ .2047 J J
Ref A Imp 4 Via ser A ......... .2047 J J
St Paul-Duluth Dlv g 4s. .1996 -J B
N P-Gt Nor Joint 6 Vis___ .1936 J J
St P A N P gen gold 6 s . __ .1923 F A
Registered certificates. .1923 Q A
St Paul A Duluth 1st 5a.. .1931 Q F
lat consol gold 4s______ .1968 J D
1948 Q M
Nor Pae Term Co 1st g 6 a .. .1933 J J
Oregon-Wash 1st A ref 4a___ .1961 J J
Pacific Coast Co 1st g 5 a ... .1946 J D
Paducah A Ilia 1st s f 4 V is.. .1955 J J
Pennsylvania RR 1st g 4s__ .1923 M N
Consol gold 4a----------------- .1943 M N
Consol gold 4 s ........... ........ .1948 IV! N
Consol 4 H a_____________ .1960 F A
General 4 Vie-------------------- .1965 i D
General 5s_____ _________ .1968 J E>
10-year secured 7s_______ .1930 A O
15-year secured 6 Vie_____ .1936 F A
Alleg Val gen guar g 4s___ .1942 W S
D R RR A R’ep let i?n <4* *? 1936 F A
Pennaylv Co gu 1st g 4Via._ .1921 J J
Registered
e
1921 J J
CiiRr
coll fruRt r^.e A 1937 M S
O itaf
eo]l trust fi r B 1941 F A
Guar 3 Vi a trust ctfs C ___ .1942 J S>
Guar 3 Vis trust ctfB D ___ .1944 J D
Guar 15-25-year gcjd 4 s ._ .1931 A O
40-year guar is ctfs 8 er E . .1952 M N
1Q4.2 YT M
Oin I^eb A Nor gu 4s g
Cl A Mar 1st gu g 4Vie__ .1935: IVI N
Cl A P gen gu 4 Vie Ser A_ .1942 J J
1942IA O
Series B_
1942 A O
Int. reduced to S U h
Series C 3 Vis
1948 M N
Series D 3Vis_ _______ _1950;F A
Srle A Pitrq gu g 3ViB B
1940 J J
Series C__
1940'J i
Gr R A I ex 1st gu g 4 Vis. .1941! J J
Ohio Connect 1st gu 4s
1943 M S
Pitta Y A Ash lat cons 5s 1927iM N
Tol W V A O g u 4 V i s A _ _ .1931IJ i
1933 T i
Series B 4 Via._
Series C 4s
1942 M S
P C C A St L gu 4 Vis A__ _1940! A O
Series B guar__________ .1 9 4 2 'A O
Series C guar
1942 M N
Series D 4a guar_____ .1945|M N
Series E 3 Via guar gold. _1940;F A
Series F guar 4s gold
1953 J D
Series G 4s guar. ____ .1957 M N
Series I cona guar 4 Vi a 1963 F A
General 6 s Series A ___ .1970 J D
U St L A P lat cons g 6a.. .1932 A O
Phlla Balt A W 1st r 4a.. .1943 M H
Sodua Bay A Sou 1st g 5a 1924 J J
U N J R R A Can gen 4a. _ .1944 W 8

HlQh

Dec’ 20
03*4 May'20
86 . . . _
90 n June'21
98 > N0V*l8
7u‘a ------- 82 " Nov‘ 19
74*4 Sept'20
o5 w ww 66*a Mar'20
67
69 la - » - _l 67
767$ July'21
77
79
7U*2 - - - - 70*2 Apr*2 1
68 June’21
68*2 .
94
9 l> 4 ------- 94
68 June’21
6 3 I3 - - - 09^2____ 113 May’ 16
98la 99‘2 98*2
93*2
66 . . . »
71*2 Nov’20
50
60
60 July'21
Feb’21
55 ------- 50
Apr'21
70 ------- 76
. '.j J 10 i Nov* 16
0612____ 1 93
Jan’21
83 «2 ____ 1 90 May* 21

M a
J j!
m s|
n m
J j|
1
11
M SI
Wl N
A O
f A
IVI N
A O
A O
J O
A O
J J
J J
J J
J J
A A
J J
A O
J J

94
73 Sale
68*a 70

1 !

«

I

No.\\ L o w

« ...

— ’ 1—

—
71
79*8
70*2
7U
94
73
. _. _
98*2

6 3*a 60
60
60
76
76

____
----

93
93
84*8 00

9 5 I4

42 ------- . . . Apr’2 1
Apr’21
3712____ 35
37
40
37
37
39»2 50
41*2
4 J*2
4 138
413a
413a Sale
36
35
3 7*2 36
60 12 Sale
60
62
50
Oct* 17
60 July’ 18
3712 40
49
Oct’ 19
64*4____ 63*4 Juno’ 2i
62 ____ 64*2 Nov’20
44
47
44?a June’ 21
70 ____ 70*a Julyr21
67i2 ____ 87 July'14
Aug’ 13
60l2 ____ 83
363a Sale 35
37
67 ____
56
64
70 Sept’ 17
2614 32
27 June’ 21
68*8------- 8S38 Feb’ 18
74*2 Dec’ 19
59
60
58
59
, 58
59*> Nov’20
46
59
59 M ay’21
42*2 Sale
42*2
42*2
70*8------- 73*i June’ 21
1013s____ 9234 July’21
9978
122
Nov’ 16
10 0 *4 1 0 2
9 7* 2 June'21
8 7 9 * 2 Sale
77
793j
78*4____ 7 4
Oct’20
77
79*2 79*2
79*2
80*8____ 80-s July’ 2 1
90 ____ 9234 Apr‘ 21
90
Apr‘21
103 Sale 102
103
74*2 77*2 75 July *21
983a____ 9 3 * 2 Jan*20
725a____ 7 4 * 2 July’21
Sale

57
____
lOO^s
76*2

Sale
5278
Sale
79
8 6 * 2 ____
1 0 0 3 4 Sale
99 102
99*2____
92 Sale
73
76
62
67
105 ____
73 Sale
6534 70
70
83
9458 ____
SO ____
S0*4 84
86*2 Sale
7 9 3 4 Sale
SS*s Sale
103 Sale
9 9 *2 Sale
783a____
79^8____

* N o prtoe F r i d a y ;la t e s t b id a n d ask ed

723S 72*2
6 734 7334
67% 73%
795S
72*2 8 0
6 S U ____
S4l2 96
8412 96
69 ______
6 8 i2 ____
6 8 * 2 ____
73 ____
7 3 ____
67

____

8 S U ____

81
81 ____
70 ____
833a____
83*4 ____
82*4 85*2
81 ____
SO ____
SI ____
81 ____
83*4____
S258 84
92*2 96
SO ____
84 ____
82*8____

90‘a

— -I
1 62
74
70*2
^---J 68
3 92*8
—
68
—
....
1 97*4

j uiie’2 0
15 67?a
72
73
6 66
69
69a4
99* ■* Feb* 19
m
67*2 June’20 mm •y
SO
7o‘a 797a! 80
7778
78
85
Nov’ 17
723a 7234! 71*4
73
l 2 7038
8 71*2
77 Bale | 77
77

79

t i l on

_ ___ _ _ . .
90

—

—
_—
1
5.
1
1
57
—

37
35
35*2
38*4
39*2
35
58

74*a
73
82
7 t*z
78s4
46
40l2
45
60
49*2
45
727a

• —
—
63*4 69
—
—
39*4 63
—
70*8 70*8
—
9
....
—
—
3
3
—
—
—
£6
2

33*2 43
27
56
49*2
39
73
92*4

30
65
59
5478
73*2
10458

97*2 1015s
7378 80

—
—
---- r
5u
—

74
75
9234
90
99
7034

....

74*2 77

80
S0*8
96
90
105*2
80

163 73
79
79
74*9 74i2
74 * 2 July’ 21 ---- 61 5234 57
5478
57
54U Feb’21 —
51*4 54*4
126 963s 101
10 0
10 1
—
75*4 July’21
73
81*2
88
Apr' 2 3 —
88
88
1091
99^8
10034
96*s 1 0 0 3 4
10 0 *4 July’21 —
98^ 100*4
10 0
M ay ’ 2 1 —
99*2 1 0 0
92
92
91*2 92
1
75 *4 M ay’ 21
75*4 75U
11
3 7 * 2 Dec’ 16
____
j
105*2 June’21
1 0 1 * 2 106*2
66
70*2
73*2
67*2 74*2
65 July’21 —
70
65
76*2 Jan’21 —
76*2 76*2
94*4 M ay’ 21 —
935s 95*4
81 July’21 —
84
81
79
80*4
7634 85*4
S5 34
88*2
6i 83
92*2
7678
7934 130 743s 825a
46 SI
92
S6 S8
88*4
65 1 0 0 105*2
l0284
103*2
673 94i2 100*4
9S7S
10 0
80 M ay ’ 2 1
80
81*2
S3
Feb’20
9934 June’ 21 —
9S53 9978
99*4 M av’ 21 _ ____
99
99*4
7634

67
Dec’ 20 ___
69 M ay’ 21 _ ___
70
Apr’21
77 July’ 21 —
72 June’ 21 —
SO
Feb’20
80*4 Apr’21 —
i 8878 Feb’21 —
04
Dec* 15
96*4 Feb’ 12
90*8 Dec’ 12
67
Jan’21 —
75
\pr*20
79U M ay’ 19
79 July’ 21 ____
80 Sept’ 2C |
93
Mar’ 10
84 July’21 . . . .
82
Dec*20
8 8 *a Sept’ 17
83*8 July’21 ____
86
M ay’ 21 ____
84*2 Dec’2C
82 M ay’ 21 ____
75*2 Feb’ 21 _ ___
82*4 Apr’ 2C _..
80 M ay’ 21 ____
72*8 June’2C
81*4 July’21
9oi2 May * 21 ____
80
Mar-21 _ . __
02
Jan’02
8 t *2 June’21 —

a D ue Jan.

£> D a e Feb

BONDS
N . V STO CK E X C H A N G E
W eek ending July 29

H a n ot
S in c t
Jan. 1

69
70
67
765s S37s
6934 727S

68

S0*4 80*4
S8 78 8S7S

67

67

7S*4

82

84

S4

S2 2
85

855S
S6

82
82
75*2 75*2
SO

81

79"
95l2
80

87
955a
80

S”0*2

80

o D a s J u n e.

*N^

A.

3cS*'T*1
Price
W tek't
Hanot
yridav
Hanot or
Since
July 29
Last Sale ____ | Jan 1
Bid
Aik Low High No Low HI 0 b

Peoria
Pekin Uu let 6a g .
1921 Q F
2d gold 4 Via. . . .
.
61921 M N
Pere M a rq u ette lat Ser A 6a I960 J J
lat Serlea B 4 « . ______
1966 J J
Philippine R y lat 30-yr a f 4 a . l 9 3 7 ! J J
Pitta Sh A L E lat g 5a____ .1940 A O
lat conaol gold 6a_____
..1 9 4 3 J J
R eadin g C o gen gold 4a_____ 1907 J J
Registered
1097 1 J
Jersey C entral e o llg 4a____196 1 A O
A tlan tic C ity guar 4a g
1951 J J
St Joa A G rand ial lat g 4a. _ .1947 J J
8 1 Loula A San Fran (reorg C o ) —
Prior lien Ser A 4a_________ i960 J J
Prior lieu Ser 11 o a . .............. 1050 J J
Prior lien Ser C 6a_________1928 J J
C um adju st Ser A 6a..........619661 A O
iQCOme Serlea A 6 a _____ 61960 O ct
8 t Loula A San b tan gen 6 a . 1931 J
J
General gold 6 a__ ________1931 J J
St L A 8 F R R cona g 4a__.1996 J J
Southw D lv lat g 6 a____1947 A O
K C Ft S A M cona g 6 a . . . 1928 IVI N
K C F t S A M R y ref g 4a_ .1036 A O
K C A M R A B la t gu 6 a . . 1929 A O
St L S W lat g 4a b on d ctfa___1989 M N
2d g 4a incom e bond ctfa_pl989 J J
Conaol gold 4a_________ ..1 9 3 2
J D
lat term inal A unifying 6 a. 1962 J J
G r a y ’d Pt T er lat gu g 6 a. .1947 J D
S A A A Paaa lat gu g 4a_____ 1943
J
Seaboard Air Line g 4a............1960 A O
G old 4a ata m p e d _____ ____ 1960 A O
A dju etm en t 6 a....... ............. ©1949
A
R efu n d in g 4a. _ __ ............ 1959 A ©
lat A cona 6 a Serlea A . ___1946 Nt S
A tl A Blrm 30-yr lat g 4 a .cl9 3 3 M S
C aro C ent lat con g 4a____ 1949 I J
Fla Cent A Pen lat ext 6 a. _ 1923 J J
lat land grant ext g 5a__1930 J J
Conaol gold 6 a__________ 1043 J J
G a A Ala R y lat con 6 a___o l9 4 6 J J
G a Car A N o lat gu g 6 a___1929 J J
Seaboard A R oan 1st 6 a
1926 J J
Southern P acific C o—
G old 4a (C en t P ac c o ll)___*1949 J D
R egistered____ __________*1949 J D
20-year co n v 4a__________ <71929 M S
29-year con v 6 b ............ .........1934 J D
C en t Pac lat ref gu g 4a___1949 F A
R egistered
1949 F A
M o r t guar gold 3 V ia ._.*1929 J D
T h rou gh St L 1st gu 4a. .1954 A O
G H A S A M A P 1st 6 a ...1 9 3 1 IVI N
2d exten 6 e g u a r_________ 1931 J J
G ila V G A N lat gu g 6 S ..1 9 2 4 (VI N
H oua E A W T la t g 6 a____ 1933 IVI N
lat guar 6 s r e d ....... ...........1933 IVI N
H A T C lat g 5a Int g u ____ 1937 J J
W a co A N W d l v l a t g B a
1930 IVI N
A A N W lat gu g 6 a
1941 J J
Louisiana W est 1st 6 s
192* J J
N o o f Cal guar g 6 a________1938 A O
Ore A Cal 1st guar g 5s____ 1927 J J
So P ac o f C al— G u g 5 s ____ 1937 M N
So P a c C oast 1st gu 4 r g
1937 J J
T e x A N O con gold 5 h
1943 J J
So P a c R R 1st ref 4 a _ _ i m i 9 5 5 J J
San Fran T erm l la t 4a____ 1950 A O
Southern— lat cona g 5 s _____ 1994 J
R egistered
1994
D e v e lo p A gen 4s Ser A . ..1 9 5 6 A O
M o b A O hio coll tr g 4s___1938 M S
M e m D lv 1st g 4 Vi 9- 5s____ 1996 J J
S t Louie d lv la t g 4 s______ 1951 J J
Ala G t Sou lat con s A 5 S ..1943 J D
A tl A Chari A L le t A 4 V ia .l9 4 4 J J
1st 3 0 -year 5s Ser B ____ 1944 J J
A tl A D a n v 1st g 4s_______1948 J J
2d 4s
.
...
.1 948 J J
A tl A Y a d 1st g guar 4 a . . . 1949 A O
E T V a A G a D lv g 0 8 ____ 1930 J J
C ons 1st gold 58............ ..1 9 5 6 M N
E Term reorg lien g 5 s____ 1938 IV! S
G a M id la n d 1st 3a________1946 A O
G a P a c R y 1st g 6 s ________1922 J J
K n o x v A O hio 1st g 6 8 ____ 1925 J J
T
Morterafi'p t?old 4«;
1945 J J
R ic h A D an deb 5s 8tm pd_1927 A O
R ich A M eek 1st g 5s_____ 1948 M N
So C ar A Ga 1st extd 5 V is. 1929 M N
V irginia M id Ser E 6 s
1926 jyj s
Series F 5 s_.................. . . 1 9 2 6 M S
G eneral 6 9 _______________ 1936 M N
V a A S o ’ w’ n 1st gu 5s.......... 2003 J J
1st cons 50-year 5s_____ 1958 A O
W O A W 1st c y gu 4s____ 1924 F A
S pokane In tern at 1st g 5s____ 1955 J J
T erm Assn o f St L lat g 4 V is. 1939 A O
1st cons gold 58 ____ 1894-1944 F A
G en refund s f g 4s_________ 1953 J J
\ O
T exas A P a c 1st gold 5 s ____ 2000 J D
2nd gold Incom e 58______ <?2000 M ar
La D lv B L 1st g 5s______ 1931 J J
W M in W A N W 1st 6m 5a 1930 F A
T o l A Ohio C en t 1st gu 5 s___1935 J J
W estern D lv 1st g 5 s ______ 1935 A O
General gold 5s _
1935 J D
K an
M 1st gu g 4s
1990 A O
2d 20-year 5s_
------------ 1927 J J
T nl P A W 1st gold 4fl
1917 J J
T o l St L A W pr lien g 3 V is. 1925 J j
60-year gold 4 s. _ ________1950 A O
C oll trust 4s g Ser A ______ 1917 F A
Trust, co ctfs o f deposit
T o r H am A Buff 1st g 4s___*1946 J D
U lster A D el 1st con s g 6 s ____ 1928 J D
1st refunding g 4s
1952 A ©
U nion Pacific 1st g 4 s . ............ 1947 J J
Registered
1947 J J
20-year con v 4 s___________ 1927 J J
1st A refunding 4s............ .02008 M S
10-year perm secured 6s_.192S J J
Ore R R A N av con g 4s___1946 J D
Ore S h ort Line 1st g 6 s ____ 1922 F A
le t con sol g 5a...............__194tf J J
G uar refund 4s ................ 1929 J D
U tah A N or gold 5 s..........192f J J
J J
V andalia con s g 4s Ser A ____1965 F A
C onsols 4s Series B
1957 M N
Vera Crua A P 1st gu 4V*a___1934 J J
Virginian 1st 5s series A .........196* IVI N
WttDaab lat gold 6 8 . ________193V IVI N
3d gold 6 s _________ ________ 1931 F A
1
D eben tu re series R 6 s
103£ J
1st lien 60 yr k term 4 8 ____1964 J J

J

F

J
j J

}

&

h

D le July

* Due Aug.

0 D u e O ct.

9 1 34
8 0 *«

83 Sale
67 Sale
39 Sale
8 8 3 a _____
8 4 * 2 ____
76*4 Sale
'70*4
59»a

78

80%
65
39
90
97*4
74*2
77
76*4

64i2 69

O ot’ 20
8 e p t’ 20
70
"83
46
67
1
39
June’ 21 . . _ . j
Dec* 17
76*2 236
D e c ’ 20
Ju ly'21 ____ 1

77%
63
35%
81%

85%
70
42
91

7i?a

83

76

87

59

64
63%
76
90
687g
56%
98
89%

24

58
70%
84%
6134
44%
93*4
87
__
77
92%
62
78
627a
55
60%
62

3
5
IF
127
18
82
—
—
— ..
—
5
-----_ ___ _

58
563a
69
25
36
45
5978
63*2
94*2
89%
73*2
73
35%

63%
69%
67
39%
43
55
65%
63*2
96*2
89*2
81%
80
85%

24
73
J u ly ’ 21 ____
80% 195
J u ly ’21 ____
74% 187
Sept* 16
23
79*2
5
72*4

66%
6 8 *2

6 8 *2

J u n e’ 21
1

62*2
7434
89*4
6784

Sale
Sale
Sale
Sale
6684 Sale
95 Sale
8 6 * 4 _____
6734 ____
7 5 » a ____
95b8 96
67 Sale
82 Sale
67*2 Sale
53
____
65®4 Sale

61*2
73*8
88%
66*2

62%
74%
89*2
677s
56%
95*2
M a y ’ 21
O o t’2U
Jan’ 21 . . . .
J u ly '21 _ ___ 1
27
67
1
52
67% 103
J u n e ’ 21 ____ I

5438
95
87*2
67
77
94*4
6378
82
67
55
63*2
66
68
6 8 *2 6 6 %
63*4
63*a - - - 98*2 Jan* 13
62*8 6258 62
62%
54
61% 53.%
53%
54 Sale
50
54
27 Sale
25%
27
40*2 Sale
40
40%
60 Sale
49%
50*2
6878 ------- 62 June ’ 2 1
63% M a y ’ 21
9 4 *2 M ar'21
90% 93
78
85*2 80*2 A p r ’21
73*8 79*2 76*2
77%
_____ 77
73
J u ly ’ 21
83
8578 82% M ar'21
92
N ov '2 5
72

69%

66*2

Sale
70
80 Sale
893.J____
74 Sale
------67
7 9 *2 Sale
7 1 % ------8 8 *2 90
76
92
90% 02
84
86
8 3 % ------87
90
85
____

68*2

323
200
44
387
4-16
7j

79
88

72%
87*2
78*4
70%
88

76%
86

1

88

99%
9 9 % ------ 99%
88*2 S9% 8 8 % J u ly ’21

83*8 Sal©
91
95
7934 84*2
7 3 * 2 ____
7 3 * s ____
_____ 28
83 Sale
8 6 7a Sale
77
80
___________
65*2 70»

p D u e N ov .

82
91
S9
76%
72*2
24
82%
85*3
90
62

76 1

A u g ’ 18
F eb 21

4 D ao

73
80%
100

75

75*4
67%
84*2
87
90
83

79%
73%
88%
90
90
S4
87%
88

84
90*2
91%
94
78%
76
90
61%
61
86

71%
85
79%
92%
70
67%
90*2
90%
89*2
55
99
96%
89%
60
89%
90
89
81%
66

85%

6S7s
85

SS
72
83%
50

68
90*2
75
65%
71
S0%
76
53
15%
70
79
52
84*2

81%
S58s
$0*2
101%

78%
97«4 99%

I

i
83%
J u ly ’ 21
Feb* 1.s . . . .
M ar'21
Jan’ 21
M a r 21 . . . .
24
84*2
0
86%

75

66

69%

70%

M a y ’2 l —
F e b '21 —
J u ly ’21 . . . .
86
M a r ‘2 l —
86
86%
8638 Jun e’ 2 __—
94
M a r ’ 19
84
Jan ’21
84
9538 S ep t ’ 2 0
8 9 * 4 _____ 90% F e b ’21 . . . .
88%
41 8 8
9 0 7 S Sale
897S
91*2
8 3 * 2 ------- 94 June'21 ____
94
80% A u g ’ 20
79% 8 6
85
J u ly’ 19
234 73%
7 7 *2 Sale
75%
78
72*2 Sale
71*4
73
8l 68
85 Sale
83%
85% 149 80
84*2 O c t ‘ 2 0 ____
57% Sale
56*2
5734 129 55
68
60% 5938 J u ly ’21 ____
57%
1
82*2 Sale
82%
82*2
80
647S 69*4 71
M a r ’ 21 —
67
82
77% 83% 82 M a y ’ 21 ____
81*2 Sale
77 *4 Jun e’21 ____
77%
2
8 8 % ------87
87
84*2
63% 6 6
66
J u ly ’21 . . . .
64
42 _____ 81% M a r ’ 16
6 3 * 2 ------- 67% F eb 21 ____
67
87
89*2 87% J u ly ’ 21 — __ 8 8 %
July'21 ____
8 4 *2 _____ 85
84*2
80
86
88
F e b ’ 21
87%
50*4 57
50 M a y ’ 21 ____ 1 50
98
9S3s 98*2 J u ly ’21 ____
96%
9 3 * 2 _____ 96*2 Jan’ 21 —
96*2
76 _____ 80*2 M a y ’ 20
56 _____ 65 ~ A u g’ 19
------- 89 M a y ’21 ____
88
88
56 _____ 58
A p r‘ 2 1 ____
58
S3 *4 90
85 June’ 21
85
____
90
8 8 % Dec*20
90
8 1 3 s ------- 9 0 ” Jan’ 21 . . . .
8 6 34 ____
86%
86W
8 6 >2
1
J u ly’ 21
80 _____ 80
80
61
63
61
61
60*2
1
8 6 % ------85%
85% M a r ’21
69
76
6 8 78 June’ 21
6 8 7s
84 Sale
84
84
J 86
833S 85
84
84
i| 83%
72 Sale
o9. 67
68
72
S 2 *2 _____ 81
J u ly ’ 20
79 Sale
31' 77
78%
79*2
45
50
M a r‘21 ____ 1 50
62*2 71
66
A p r’ 21 ____ 1 6 6
60
71
lOfii* N o v ’ 04
82%
83*2 8 6 *2 82*2 J u ly ’ 21 ____
SO
83
75
F e b ’ 21 . . . .
75
0 5 * 2 ------- 65*2 Jan’ 21
65*2
2
89
6 9 *2 _____ 69*2
69*2
____
I
80% M a y ’ 21
S3
85
80%
_____32
36
F e b ’ 19
73
72
75*2 7 4 *2 J u ly ’ 21 _
l i 45*s
46
47
46*2
47
15
1 5 * s ------- j 15*4 June’ 21
_____ JS*2 15
N o v ’ 20
63
85
63%
63*4 Ju n e'2 1
79
79
I 75
76*s 79
52
52 M a y *21 ____
S3 Sale
138 78
81%
S3
___________ 78
J u ly ’ 21
77*2
85% Sale
84
85% 121 1 81
7734 Sale
75*2
77% 1 70 1 73
101
Sale 100*4
97%
101 1 ^
75
77*2 July’ 21
77*2 78
87
90
83

77
90
08*2
8284
69
58

86*2
7734
89

92
83%
94

72
72*3
23
78%

76%
72%
24
85
90
80

82%

60
1

62

ChnkvQ «*al

0

New York BOND Record-Concluded— Page 4

11

Pries
Friday
Julj 29

7dik'd
Hanoi or
Last Sul6

■3 mi

|3

Ravoe
Jan. 1

Bid
Aak Loto
Hiuh No. Low /nan
Wabash (Concl.)—
Det A Oh Ext 1st g 6 a_____1941 J J 8 2 % ------ ; 8 8 % M ar'20 !___
66 % 70
80
Aug* 12 '
Dea Moines Dlv 1st g 4a__ 1999 i J
60 >4 ____ 01 M ay ’2 1
Om Dlv 1st g 3 ^ 8 ________ 19411A 0
51% 61
57% 60
58% M ay’21 _. . _ 65% 59
Tol A Ch Dlv g 4a________1941 IVI £
05% GO*,! 68 % May 12 1
Wash Terml 1st gu 314a_____1946 F A
00 % 68 %
79%
1st 40 yr guar 4a___ _ ..1945 F A 76 ------ 78 June’2 ____ 78
54% 119 51.% 5012
51 *2 Halo 62%
Weat Maryland 1st g 4a_____1962 A 0
85
85
7 83
West N Y A Pa 1st g 6 s____ 1937 |J J 85% 80
89%
61 July’21 __ _ _ 60% 63
Qen gold 4s_____________ 1943 A O 61% 05
36
Oct' 17
Income 5s
2?1943
45 75% 88
81
Western Pao 1st ser A 6 s___ 194(1 IVfl a 79 Sale 79
Wheeling A L E 1st g 5s_____192G A O 88 ____ 85 June*2l
85
82
S3
85
84
Oot*2( —
Wheel Dlv 1st gold 5a____ 192F J i
Exten A Impt gold 5s_____1930 F A 8 0 % ____ 90% Mar’ 17
50
5312 52
id 47
52%
Refunding 4H s series A __ 1966 M S
50
54% 65
58 July’2
R R 1st consol 4s................ 1949 M S
51% 59
Winston Salem S B 1st 4a__ I960 J J 6 0 % ____ 71 June’21 ___ 60
71
20 03% 71%
09
Wls Cent 50 yr 1st gen 4s___ 1940 J .9 67% 6 8 % 66
69
1 05
60
66
Sup A Dul dlv A term 1st 4s' 36 M N 66
73
Street hallw ay
0
3 25
27
Brooklyn Rapid Tran g 5s__ 1946 A O 27 Salo 25
32
50
30 Feb ’ 21
1st refund oonv gold 4s___ 2002 J J 27
33
25
55% 84 40% 55%
3 yr 7% aeourod notes__ *1921 J J 55% Sale 48%
9S 39
5>% Salo 48%
55%
55%
Certificates of deposit________
52% Salo 45
52% 135 37
52%
Certificates of deposit stmpd._
Bk City 1st eons 5a 1916 1941 T |
64
Dec’2C ____
80 May* 18
Bk Q Co A S eon gu g 5s__ 1941 M N ____ 90
24
Doc’20 —
Bklyn Q Co A 8 1st 5s___ 1941 J J ------ 25
6 58
66%
66 %
Bklyn Un El 1st g 4 5s___ 1950 r A 6 6 % ____ 65
Stamped guar 4 6 s ___ 1956 F A 6 5 % ____ 65 July’21 —
65%
63
Kings County E 1st g 4s. _ 1949 F A 58 ____ 55 July’ 21 — _ 53
55
54%
Stamped guar 4s _ _ ___ 1949 F A 55 ____ 54% June’21 —
53
18% July ’2 1 —
24%
Nassau Elec guar gold 4s__1951 J J 17% 22
18
64% 31 58
Chicago Rys 1st 5s___ __ __1927 F A 64% Sale 64
66 %
Conn Ry A L 1st A ref g 4Hs 1951 J J 5 8 % ____ 61 June’ 21 ___
61
60
60
63%
62
July
’2
1
Stamped guar 4H s_- ___ 1951 J J
57% 62
31
59%
Det United 1st cons g 4 H a--1932 J J 57% Salo 57%
57% 63%
Jan*20 —
Ft Smith Lt A Tr 1st g 5 s . . .1936 fW S 56 ____ 58
67% 230 59
Hud A Manhat 5s ser A _____1957 F A 67% Sale 6 6 %
69%
44
538 23% 44
44 Sale 40%
Adjust Income 6 s ________ 1957
94
85 June’ 21 ____ 82
N Y A Jersey 1st 5s______1932 F A 86
85
16%
17% 94 1 ^lo 2 1 %
17 Sale
Interboro Metrop coll 4 Ha 1956 a n
13%
14%i 142. 1 1 % 19%
14% Sale
Certificates of deposit________
626 4-8% 58%
53
Interboro Rap Tran 1st 6 s. .1906 J J 57% Sale 55%
5 52% 58
55%
Manhat R y (N Y) oona g 4 s._ 1990 A O 53% Sale 53%
55%
Stamped tax exempt
1990 A O 55% _ _ _ 55%
60
56
65
63% M ay’21
Manila Eleo Ry A Lt a f 5 s..1953
1 63% 63%
70% 25 68 % 74
Market St R y 1st cons 5s___ 1924 M S 70% Sale 70
Metropolitan Street R y—
43
Apr621 - - - - 37
Bway A 7th Av 1st o g 5s. .1943 J 8> ____ 42
44
15% Mar’21 —
Col A 9th Av 1st gu g 5 s ..1993 M S ------- 2 1
15% 19
JO 2 1 % 25%
25
25
Lex Av A P F 1st gu g 6s__1993 M S ____ 27
54
Dec’ l l —
Met W S El (Chic) lat g 4S..1938 F A 75% 77
F A
92
Apr’ 21
Q9
93
Refunding A exten 4 Ha__ 1931 J J 89" ____ 71% June’ 21 ___ 71% 74
72% June‘ 21 —
Montreal Tram 1st A ref 53.-1941 J J 74% 75
67% 74%
50
Feb‘21 — . - 50 " 50
New Orl R y A Lt gen 4H8--1935 J J
15 ____ 57 ju ly ’ 19 —
N Y Munlclp R y lat s f 5s A-1966! J J
1
2 1%
N Y Rys 1st R E A ref 4a_._1942 J J 21% Sale 2 1 %
17% 25
2 16
19%
19%
19% Sale
Certificates of deposit_________
22
5
5% o
5%
30 year adj lno 5s_______ul942 A O
3% 6 %
17
10
4%
4%
5 Sale
Certificates of deposit______
5%
3
9. 46% 57
56% 58%
57
N Y State Rye 1st eons 4H9-1962 M N 54
72
Portland Ry 1st A ref 5s____1930 M N 7 0 % ____ 69 M ay’21 —
69
69
69 July’21 ------' 56
75
Portld R y Lt A P 1st ref 5s. .1942' F A 68
90% Feb'17 ------ 1
Portland Qen Eleo 1st 5s__1935 J J
7* % June’ 21 ----- ! 74% 74%
Paul City Cab eons g 5s__1937 J J ------- 91
52%
9 40% 52%
Third Ave lat ref 4s.............-I960 J J 52% Sale 49%
3478 204 25
Adj Income 5s__________ a 1960 A O 24% Sale 31%
34%
8 0 % ____ 76% July’ 21 ___ J 75
Third Ave Ry 1st g 5s______1937 J J
81%
2
91%
91%
91%
Side
Tri City R y A Lt 1st s f 5a__1923 A O
88 % 93
—
63
Mar’
21
Undergr of London 4 Ha___ 1933 J J
68
68
___ 4_
50 Sept’20
Income 6 s __ ______
>1948
66%
1 65
66
6 6 % 66 %
70
United Rya Inv 6 s Pitts las. _1926 M N
47 M ay’21 —
United Rys St L 1st g 4s___ 1934 J J
50%
47
36 Mar’21 —
St Louis Transit gu 5s___ 1924 A 0
36
36
United RRs San Fr a f 4s___ 1927 A O _ —__ . . . . 31% Apr’21 —
36%
29
27 July’21 ____ 26
28
30
Union Tr (N Y) otfs dep______
35
28
31
27 July’21 — _1 26% 36%
Eqult Tr (N Y ) inter ctfa___
65%
65%
1
63%
66
Vt Ry Pow lat A ref 5a_____1934 J J
69
60
1
Gas and Electric Light
8 76
80%
8034
80% Sale 80
Bklyn Edison lno gen 5s A 1949 J J
1 | 87
89
89
89% 92
General 6 a series B ______ 1930 J J
89%
16 95% 93%
93%
98% Sale 98
General 7s seles C ______ 1930 J J
99% 33 95% 99%
General 7s series D
_.1940'J D 99% Sale 98%
3 71
80
82%
3klyn Un Gas lat cons g 5 s .. 1945 M N 77% 80
82%
Cincln Gas A Elec 1st A ref 5s 1956 A O ------- 8 6 % 83% July ’2 1
83% 85%
84%
9 80% 89%
84% Sale 82%
Columbia Q A E 1st 5a______1927, J J
84% 86
81 June’21 - - _ _ 81
Stamped__________ ______ 1927 J J
86
87 June’ 19
75
Columbus Gas 1st gold 5s .1932 J J
10 2
77 98% 102%
Consol Gae 5 yr conv 7s___ 1925 Q F 102 Sale 1 0 1
TW
TM
79
Apr’20
Detroit City Gas gold 5a
1923 J J 8 9% ____ 95% Apr*20
86%
1 87% 90
Detroit Ediaon 1st coll tr 5s__1933 J J 86 % Sale 86 %
4 76% 82%
78% 78-% 78%
79%
lat A ref 5s ser A . . . ........ *1940 M S
90
73, 86
1st A ref 6s series B .
__hl940‘M S 88 Sale 87%
90%
91% 63 88
Duqueene Lt lat A coll 6s__1949 J J 91 8 ale 90%
91%
____
94
Feb’ 18
Sq Q L N Y 1st cons g 5s
1932 M 3
73% July’21
Havana Elec consol g 5a___ 1952, F A
71% 74
66
75
91 Sept’ 19
74
Hudson Co Gas 1st g 5a.
.1949 IVB N 72
Kan City (M o) Gas lat g 5a. .1922 A O 94 ____ 90 M ay’21
87
90
Kings Co El L A P g 5a____ 1937 A O 88 ____ 81% Apr’21 ____ 81% 81%
9 8 % ____ 97% July’ 2l! —
Purchase money 6s _______1997 A 0
93 100
S8 % 95
92
Dec’20 ____
Convertible deb 6 s_______1925 IVI s
76%
Ed El III Bkn lat eon g 4s. 1939 J J ------ 81% 75 June'21 73
i'll 6 8 % 76
73%
76
80
Lao Gas L of St L Ref A ext 5e ’34 A O 75
80%
Milwaukee Gaa L 1st 4s___ 1927 IV? N 8 0 % ____ 80%
79
81%
Newark Con Gas g 5r
1948 I D 65 ____ 104% Apr’ l7
3 81
84
84% 85
85
I f Y G E L A P g 5s________1948 J 0
85
l 2 i 64% 69
67%
Purchase money g 4 3 ____ 1949 F A 66 % 67% 07%
89% 89%
80%
Ed Elec 111 lat eons g 5s__ 1995 J J 85
5 86 % 90
NYAQ El LAP 1st con g 5s 1930 F A 7 5 % ____ 78% May*20 __ 1
Pacific G A E Co— Ca G A E—
2 82% 86 %
85
Corp unifying A ref 5a___ 1937 M N 83*4____ 85
8 75% 79
78
Pacific G A E gen A ref 5s_. . 1942 J J 78 Salo 77%
76
7/% 75% July’21 ----- 73% 79
Pao Pow A Lt 1st A ref 20 yr 5fl ’30 F A
72
80 105 July’ 17
Pat A Paasaic Q A El 5s. ...1 9 4 9 M 3
1 84
Peop Gas A C 1st cons g 6a. .1943 A Q 86 % ____ 8 6 %
86%
89%
72%
72%
3 63% 75
Refunding gold 58. ...........1947s M S 73% 76
79
79 | 1 72% 79
Ch O L A Ooke lat gu g 5a_1937|J J 79 Sale
Apr* 17
Con G Co of Ch lat gu g 5s 1936 J J 69 ____ 100
Ind Nat Gas A fill 30 vr kn 1036: VT N
89 Mar’ 17,
Mu Fuel Gas 1st gu g 5s .1947 M N 65 ____ 75 M ay’ 19
39 88
97
Philadelphia Co conv g 5a__ 1922 M N 97 Sale 90%
97%
2 81
84%
Stand Gas A El oonv s f 6a__ 1926 1 D 84% 83% 84%
84%
71 ____ 70% N ov’20
Syracuse Lighting lat g 6a__ 1951 J D
Syracuse Light A Power 5a._1954 / J 7 1 % ____ 6 8 % Mar’21. ___ 63% 68 %
73 ____ 73 J uno’21
Trenton G A El lat g r>n___ 1949 VI 3
73
73
Union Elec Lt A P lat g 5s. .1932 M S 8 0 % ------ 79 June’21
78% 79
Refunding A extension 6 s 1933 YJ N 7 2 % ____ 82 July’ 19
1 81
United Fuel Gan lat a f 6«___?936 I J 80 ____ 81 July’2 J.
81
Utah Power A Lt lat 5a____ 1944 F A 79 Salo 77
14 76
79
81
JMoa Elec L A P lat g 5 s __ 1950 9 J 7 7 % ____ 95 Mar’20
Utica Gae A E?eo ref 5a____1957 .
J 73
96
87 N ov'191___ 1
Weatcheeter Ltd gold 5a___ 1950.
D 7 1 % ____ 77 May*2l|.___ 1 77
77
1
Mfteellaneotjs
AdArna Ex coll tr g 4a___ ...1948 VI S 62% 647)5 0 2
02
1 56% 63%
A bulk* Gold M deh 6a A _ 1925 vi H 1 1
1 2 1 11 July ’ 21
11
19%
Conv deh 6* serfea B ___ 1 926 vi H
19%
10
1 2 1 10 Julvf21 _ — 10

J

BONDS
N. Y. STOCK EXCHANGE
Week ending July 29

*3

Pried
| Wm **i
Friday j Hanot or
Last Bald
July 20

515
f l

5
Is*

BONDS
I f . Y . STOCK KXOHANQE
Week ending July 29

__________

Bid
Ank Low
Hioh 1 No. \ljQW IliOk
79% Hale 1 78%
Armour A Go 1st real ent 4 H h 1939 J n
80
60 1 76
83
9 1 33
Atlantic Fruit oonv deb 7u A .1934 J D 38% Halo | 37
39%
73
Atlantic Itofg dob 5 A h_____ 1931 rv« H 101% Salo 10 0 %
1 0 1 % 45 98% 1 0 1 %
90
Feb* 1h
Booth Fisheries dob h t 0 s __ 1926 a o - - _.
Bnwlen Cop M coll tr u f fls.. 1931 F A 82% 83% 82% ./ uly’ 2 1 . . . _ 80
70 ____ 70 Jiily’21
Bush Terminal lat 4h........ -.1952 A L
70
71%
71% 72
71 %
71 %
Coriaol 5a________________1956 J 1
0 07% 72
75 Halo 74
75
10 07% 75%
Building • iiqv ir tux ox__ 1900 A O
107% 07 J04% 1 1 1
Goto de Pasco Cop S»
. . I 4 J J 107% Halo 107
Chic C A Conn Rya a f 5 a . 1927 A (>
58 M ar’ 18 ____
80% 80
80
Chlo Un Sta’n lat gu 4J4« A . 1963'J J 80
77
82?s
105% 00 1 0 1 1.00 %
lat Ser O OHs (<itf«).......... 1903 i i 105 Salo 101
93%
94 i 15 1 90
Chile Copper 10 yr conv 7a. _ 1923 rvMN 94 Sale
93%
72
183 00
71% Hale 71
Co 1 tr <fc oonv 6a aer A __ 1932 A O
76%
13 77
77
78
Computing Tab Roo a f 6a._194l J J 78 Bale
82
Granby ConaMS&P con 6 a A 1928 M N ------ Il37fi 82 M ay’ 21
80 '2 82
95
Apr’20 —
Stamped_____ _
_______ 1928 rvi N ____ 87
.................
3 82
86
____ 86
86
89%
Great Falla Pow lat a f 5a___ 1940, M N
50 77% 84
78%
79%
Inter Moreau Marine a f 6a..1941 A O 7 9% Sale
92% 94% 92%
93%
11
Marl and Ob sf 8 a aorloa A __1931 Ia o
92% 97%
310 92-% 99%
94%
97
9 7 Sale
Mexican Petroleum a f 8 a . 1936 M N
33 82
86%
Montana Powor 1st 6 a A ___ 1943 J J 8 6 % Halo 85
88
36 71% 70%
74
74 Sale 73
Morris <k Co lat a f 4 Ha____ 1939 J J
7 62
71.
70 ____ 70
71
N Y Dock 50 yr 1st g 4a_ __1951 F A
23 80% 91%
87%
87% Salo 87
Niagara Falls Power lat 5s. .1932 J J
92 % 92% 92% July*21
Itof A gen fin
a 1932 A O
90
92%
— _ 83
8 6 % M ay‘ 21 —
89
Nlag Lock <k O Pow lat 5s__ 1954 M N 85% 87
15
80
78% Hale 78%
76
80
Nor States Power 2.5- yr 5s A_ 1941 A O
—
7 7 % ------ 82 July’2 1.
75% 82%
Ontario Power N F 1st 5s__ 1943 F A
2 67% 78
74
74
71% 74
Ontario Transmission 5a___ 1945 rvi N
2 10
94
87
94
P m Amor. P.AT. 1st 10-yr73l930 . . . . $93% Sale 90%
65
65% 32 57% 68 %
Pub Sorv Corp of N J gen 5 s_-1959 A O 05% 65
91% 260 90% 94%
91% Sale 90%
Sinclair Con Oil conv 7%s___1925 M N
103% 91 101 104
Standard Oil of Cal 7s____ «1931 F A 103 Sale 102%
2 86 % 94%
82
Tennessee Cop 1st conv 6s__1925 M N 82 Sale 82
2 0 1 90% 99%
97
97 Sale 95%
Tide Water Oil 6 H s _______ 1931 F A
10 2
2 i 10 0
10 2
Union Tank Car equip 7s-.-1930 F A 102 Sale 10 0 %
85% 37 82% 90%
Wilson A Co 1st 25-yr a f 6a__194i A O
85% Sale 83%
11
79
80
78
79%
77% 87%
10-year conv s f 0s________ 1928 J 0
M anufacturing and Industrial
91
91
90
92
98%
Am Agrlo Chem lat c 5s____1928 A O
2 88
94 ____ 100% M ay’21
Conv deben
5s
1924 F A
87% 100%
97% 12 0 92% 97 %
97
Sale 96%
1st ref s f 7%s g __________1941 F A
5 65
74
75
74 Sale 74
Am Cot Oil debenture 5s___ 1931 IVB N
97 73. 80
76%
80
Am Sm & R 1st 30-yr os ser A 1947 A O 80 Sale
117
Jan'21
117 117
Am Tobacco 40-year g 6s .1944 A O
69 July’ 21 ____ 69
69
74
69
Gold 4s___________________1951 F A
70%
1 67
70
71% 70%
76%
Am Writ Paper a f 7-6a____ 1939 J J
13 96% 97
97
Atlas Powd?r conv 7%s g ___ 1935 F A 96% Sale 96%
9334
92 ____ 92 July’21 _— 91
Baldw Loco Works 1st 5s___ 1940 M N
72
84% 70 M ar’21 __ _ 70
Cent Foundry 1st s f 6s_____1931 F A
70
74 86 % 93 •
89%
89 Sale 89
Cent Leather 20-year g 5s__ 1925 A O
____
Consol Tobacco g 4s________ 1951 F A ____ 73% 73% D ec’ 18 . „ - 89% Mar’ 21
Corn Prod Refg a f g 5s
1931
N
89%
89"% 88 %
90 July’ 21 _ —_ 89% 92
89% 95
1st 25-year 8 f 5s_______ „1934 rei N
64%
67% 386 57
66 Sale
Cuba Cane Sugar oonv 7s___ 1930 J J
86
99% 1 0 1 96 10238
99 Sale 99
Cuban Am Sugar 1st coll Ss 1931 fVJ 3
18 101% 104
103%
Diamond Match s f deb 7 Hs.1936 ___ 103 Sale 103
64% June’21 _____ 6438 77
Distill Sec Cor conv 1st g 5s. 1927 A 0 ____ 63
__ 79
79 M ay’21
77
82
E I du Pont Powder 4H s__ 1936 J D
79
196 96 100%
99
du Pont de Nemours A Co 7Hs ’31 M N
98% Sale 97%
90 July’21
89
90
General Baking 1st 25-yr 6 s.-1936 J D
90
90
__ 66
69 July’21
70%
Gen Electric deb g 3H s_____1942 F A 70% 72
2 2 84
86 %
86 %
Debenture 5s____________ 1952 M S
90
86 % Sale
10 0 %
5 99% 102
20-year deb 6 s _______ Feb 1940 F A 10 0 Sale 10 0
99%
101% 24l! 97% 102
Gooiyear Tire& Rublst sfSs’ 1941 IY1 N 101% Sale
71%
72
Xnt Agrlc Corp 1st 20-yr 5S--1932 M N
75%
1 2 71
International Paper 5s____ 1947 J J
81% 81% 81% June’ 21 ____1 80
83%
274! 92% 9934
97
] Kelly-Springfield Tire 8 s___ 1931 M N
96% Sale 94%
106
106%
31
Liggett A Myers Tobao 7 : ...1 9 4 4 A O 106% Sale
10 2
108
85%
86
6 77% 88 %
863S 88
5s................................ ..
.1951 F A
106
7 103 108%
A ® 106% Sale 104
Lorlllard Co (P) 7s__ ..1944
84%
5s________ __ .
2 78
1951 F A
84
85% 84%
S7%
86
90% 87% M ay’21
Nat Enam A Stampg lat 5s. .1929 J D
87% 90%
88
Feb 21 ___
88
92
88
88
Nat Starch 20-year deb 5s__ 1930 J J
92
1 87
National Tube 1st 5s_______ 1942 ^ N
9 2 % ------ 92
92
89% 89% 88 % July’ 21 - •- — 86
N Y Air Brake 1st conv 6 s .>1938 *VI N
93%
96%
96 Sale 95%
28 94% 100%
Packard Motor Car 10-yr8s.l931 A O
Standard Milling 1st 5s_____ 19 3 0 M N
86
86 % 8 6 % July’21 ____! 85
88 %
92%
92 Sale 1 92
28 91% 95%
Steel A Tube gen s f 7s ser C-195l| J J
83% 84% J 81 June‘ 21 _____ 81
Union Bag A Paper 1st 5s__ 1930 J J
85%
80 ____ 86 % N ov’20
Stamped________
1930 J J
8 4 % ____ 86 % Jaa’21
Union Oil Co of Cal 1st 5s__..193l|J J
86 % 86 %
4: 79% 87 34
87%
87 Sale 87
U S Realty A I conv deb g 53.1924 J J
99 % 16! 94% 100
99
99% 93
U S Rubber 5-year sec 7s___ 1922 J S
76 75
79 Sale 7734
79%
1st A ref 5s series A ______1947 J J
79%
100% 118' 953d 1 0 1 %
10-year 7 H s ____________ 1930 F A 10 0 % Sale 99%
92 July’21 ------II 89% 94%
91
92
U S Smelt Ref A M conv 6 9 ..1 9 2 6 F A
93%
6 89% 95%
Va-Caro Chem 1st 15-yr 6s__1923 J 05 93% Sale 93
88%
3! 85
Conv deb 6 a
«1924 A O
88 % 89% 88
95%
92
36 87% 9384
12-year s f 7H s ...............1932 M N 91% Sale 91%
Wpat, Fllflnt.rin 1«t. Ka Fior*
iqoo i
j
97
97% 31 Qoan inn
1 6 2 % 171 Q43i 10218
Westingh E A M 7s
1931 M N 1 0 1 '% Sale 1 6 1 %
90
6 90
90 Sale 90 '
Wick wire Spen Steel 1st 7s__1935
95
Coal, Iron & Steel
91%
91%
1
Beth Steel 1st ext s f 5s _ .1926 J J
91
91%
86 % 95
83
8338 1 1 78% 86 %
1st A ref 5b guar A . ............1942 M N
83
86
77
7734
20 Vr n m & Imn « f 5 n
14
J J
75
77
81'% 84% 93% July’ 19
Buff A 8 u8q Iron s f 5s____ 1932 J D
Debenture 5s
wiQ9.fi' IVI 3
77
81% 8134 Apr’ 21
8 IS4 8134
Cahaba C M Co 1st gu 6 s
1922* J D 9 6 % ____ 101 ’ Dec’ 14
Colo F A I Co gen 8 f 6 s ___ 1943 F A
76 July *21
76 " 81
70
82
Col Indus iBt A coll 5s gu___1934 F A
75 % ____ 72 July’21
6 2 34 72%
78
lb 72
C oqb Coal of Md 1st A ref 5s 1950 J D 7 5 % ____ 78
78
98
Feb’ 19
Elk Horn Coal conv 6 s_
1925 J 0
2 6 ! 76
80%
81%
Illinois Steel dob 4H s_.......... 1940 A O «1 Sale
82%
8934
8 86
Indiana Steel 1st 5a __
1952 fV8 N 89% 90% 89%
92
2 91
95
95%
Lackawanna Steel 1st g 5b 1 9 2 3 ^A O
95%
95%
1st cons 5s series A _T-TCI11950| fVB S 73% 74 ‘ 70% July’21
70% 78
83
83
Lehigh C A Nav s f 4Hs A--1954 J J
80 ------ 83 M ay’ 21
76%
52 73
76 Sale 75%
Midvale Steel A O conv s f 6 s 1936!M S
79
Pleasant Val rinol 1 at- r, t £a \*OQ T H 70 Sale 79
2 70
SO
79
80 July’ 21
Pooah Con Colliers 1st s f 5sll957 J J 76% 80
80
80
82 July>21 ____ 8038 86 %
84
Repub I A S 10-30-yr 5s s f._1940 A O 82
8 t L Rock Mt A P 5s stmpd.1955 J J
68
73% 71 July’ 21
66
75
87
I 863s 91
Tenn Coal I A R R gen 5e_-.1951 J -B 87 Sale 87
IT S Steel Corn— lertun
A
MN
941.1
95
365 92% 96%
94% Sale
94 July’21
8 f 10-60-year 5s/reg_____ dl963 M N
93% 85%
Victor Fuel 1st a f 5s_______ 1953 J J ____ 75
52
Jan’21
52
52
Va Iron Coal A Coke 1st ft 5 s. 1949, M S
85 July’21 ____ 81
82% 85
85
Am Telen Ar Tel noli tr da
1 Q9 Q'.I 1
Convertible 4s
1936 fW 8
7 0 % ____
20-year conv 4 H s_______ 1933 fVl 3
86 % Sale
84% Sale
30-year temp coil tr 6 s___ 1946 J »
7-vear convertible fin
1Q25 F A 10 0 Sale
Bell Telopb of Pa s f 7s a ._ 1946 A G 104% Sale
86 % ____
Cent Dlst Tel 1st 30-year 5S--1943 J 0
Commercial Cable 1st g 4s__ 2397 Q J
60 -----Climb T A T 1st Ar van fis
1 QX7 IJ J
81 ____
T 8
Mloh State Tefeph 1st 5s___ 1924 F A
87
8912
Northwost’ n Bell T 1st 7a A . 1941 F A
Paotflo Tol A Tel 1st 5s_ _ .1937 J J
South Bell Tel A T 1st a f 5 s. 1941 S J
West Union coll tr cur 5a___ 1938 J J
Fund A real est g 4 H s___ 1960 M N

price Friday; latent bid and asked. aD ueJaa. &Du© April. •Due M ay. (/Due June hDueJuly. *Due Aug oDue Oct

7g%
80% 32 7310 80U
63
72
71 " Julv’21
30 80
86%
87
90
119, 77% 85
84
85
99%
100% 230 94><s 10 2
103%
104% 79 10 0 % 106%
86 June’21 ___
86
80%
04% Feb’21 ____ 64% 64%
3 78
80
81
81
98
Apr* 10
88%
88 %
1 85
88 %
81
S2% 1.87 75
82%
65 8734 93%
9 3 % Sale
92
93%
1 0 2 % 194 96% 102%
101% Sale 1003s
2 80
84%
84%
85
83% 84
28 80% 83
82
82% 81%
82
87
91 | 87%
87%
l' 83
87%
4 77% 8134
80% 81% 80%
8 184

pDue Nov ffDue Deo. •Option salo

516

BOSTON STOCK EXCHANGE— Stock Record

HIGH AND LOW SALE PRICE— P KB SHARE. NOT PER CENT.
Saturday 1 Monday
Friday
Tuesday Wednesday Thursday
July 29
July 23
July 25
July 28
July 26
July 27
124
124
12334 l 24
124
l >414 123
124
123*2 123*2 123
123U
65*2
65
65*8 65*2
65*4 65*2
65*2 65*2
♦64*4 65 U *0478 05*2
84
83
84
85
85
*84
85
*82
85*2
*20
21
20
20
21
21
20
31
20*2 20*2
23
J u ly ’ 21
*24
____ *24
*24
*24
*125
130
125
125
125
130 *125
130
131
*125
130 *125
.**5
Jan* 21
5 leD '21
*31
3 2 M a r’ 21
*3*4
*3*4 ____
*3*4 l 0 J u ly ’ 21
130
____ *130
*130
*130
6 1 J u ly ’ 21
*65
70
70
*07
*67
*67
75
38
38
*38
39
39
*38
39
*38
*38
39
*38
39
l /%
17*4
•18*2 10%
18
18*2
18*8 IS 1■> 18% 18*3
18*2 18*2
J u n e'21
____ *60
*60
*00
*60
ti
J u ly ’ 21
65
*59
*59
____ *55
*58
. s
61
61
01
02*2 : . 1
*62
*61*2 63
63
63
I July'21
*10
10*2 *18
19*2 *17*2 19*2
19*2 *17
70
70
*70
*70
♦70
*70
*70
41
41*4 41*2
41*2 42
41*2
41*4 41*2
41
41*2
41*2 41 %
53
53
♦52
♦52
- - - *52
____ *52

a

Salos
for
iht
W ttk.
Share*

Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale

i

Last Sale t
Lust Sale )
Last Sale

.20
*06
.20
‘ .60
.20
♦ .06
3*8
3*4
3*4
3*2
* 3 !8
3*4
♦10
11
11
11
12
*10
104 104*4 104*8 1047$ IO434 105*4
8934 8934
♦87
8 9 7a
89*4 8 934
75
75*2
♦ 7 5 * 2 ------ *75
. 15
*01
15
*.01
____
M2
____
*12
*12
*15
10
16
*15
15*4 15*4
*.50
1
1
*50
♦50
1
____
* 15
.25
.2 0
*15
.20
. 15
*25
.50
.30
.30
*25
.50
10*2
10*2
* 10*2 i i
10*2
10*2
*3*2
4*4
4*4
*3*2
4*4
*3*2
*14
15
15
*14
1334 14
*22
23
*22
23
*22
23
82
*65
82
*65
*65
82
160
160
160
160
158
160
* ____
9 *
9 * ____
9
12*4
1 2 34
1234 12*4 * 1 2 34 13*2
*_
* ____
6
6
* ...
6
24
24
*2334 24
23*2 2334
*22

*22

22

22 *2

.20
*06
334
3*2
1334
12
105% 105%
8 934
*89
*75*2 76
__
* 12*4 ____
16
*15
1
*50
*15
*25
9*2
*3*2
*1334

.2 0

.50
10

4*4
14
23
80
160
9

*22

*65
158
»_
*

22

12 %

1 2 34
6

23

23*i

22

22

_ ___ *37
♦37
____ *37
37
____
♦____
80
80
80
80
80
80
*378
4
*4
4*2
4*2
*4
4*2
*10
*10
17*2 * 1 0
17*2 *10
15
*234
3
*2 34
3
3
*2 34
3
8%
* 8*4
8*2
8%
S%
8%
8%
14*2 14*2
14*8
14*2 15
14*2 15*4
76
76
76
77
76
77
75
71
71*2 72
71*4 72
71*4 71*2
61
*61*2 62
61*2 61*2
61*2 62
119*2 119*2 *118*2 1 2 0
*118*2 1 2 0
*118*2
27
27
27
27
*26
27*4 27*4
778
7
73s
734
7%
8
7*2
102

102

102

♦7
8*2
* 2 0 * 2 21 *2
*162
167
*13
*19
5*2

103

*7

162
14

14
21
5*2

*13
*19
5*2
9 3 3 4 9534 '
97
*50
52*2 *50
*12*2 137g *12*2
3534
35*2 36
*23*2 24
23*2
17
17
17
21
21
21
*3*2
0
* 8*2
10
10
10
*15
22 1 *13
*
* ____
20*
*19
31*2 *19
*9*2 10*2
*9
_l
*.5 0
.7 0
*.50
*47*2 48
47*4
*.2 0
.35
*.20
*20
*20*2 23
*2 Ms 2*2
2
*77S
8* t
*778
*9
9* > *9
*.03
.05
*.03
224
*222 224
12
12
12*4
*7*2 10
*7*2
*32
32*2
32
*2*4
234 1 *2*4
*6
6*4
*6
*8
8*2
*8
1*2
1*2
l1
3
* 2*2
2*2
iV ;
* 1*8
1*4
.50' *.4 0
*.40
66 I 66*8
65
*80
*80
81
*19
*19*2 21

*3

*l*s
*2*9

3*2
1*2
3
1*2
1*2

13*2

21

*20

5*9
*5*2
99
96*2
52%
52
137* *13
36
3534
24
24
17
17
21
21
10
9
10
10
21 1 15
20* 2 * ____
21 1 *19
10* 2
*9
1

.75
47*4
.35

* .5 0
*47*2
*.2 0
1 *2 0

13*2
21
6

97*4
52
13«4
36
24
17
21*8
9
10
15M
20*:
21
10*:

22

3*2
1*2
8 1
1*2
1*2

3*4
*1*8
*234
*1*4
*1*4

.71
.31

48

3%
1*2
3
1*2
1*2

♦1*4
*1*4
*1*4
*1*4
*11?
2
*1%
*1%
2
2
3%
3%
3*2 3*2
3*4
3*4
0
*1*2
i%
*1*2
*1*2
477s 477s
*477s 49
*4778 49
14
*1334 14*2 14
*13*2 14
.50
*40
*S1
4%
9*s
*.25
* 11.
23 ~
*26
*37
*32
.81
*.04
*3
*1*4
*1%
*.50
*l"s
* 3*9
* 1 Ms
*l*s
*.45
*10
*.30

85
4*8
9*4
.50
1*2

.50
___
*40
85
*81
4 5 .A
* 16 4 Ms
9
9
.50
*.25
1*2
*1%

23
22*2
22*2
29
28*2 *26
3S i *37
38
35
3 4 *2 ' *33
.85
.95
*.$ 5
1*4 * __
1*4
OS
.08
*.04
3%
373!
*3
1*2
*1*4
1*2
i% ;
1*2
1*2
. 5 5 ] *.5 0
.55
178
178
2*8
4
4
*3*2
1 *4
* 1 3 16 1%
138
1*4! *1*8
.50
.50
*.45
10% *10
12
.50
*.30
.50

.50

*40
*81
4* 9
9*4
*.25
*1*4
*2 2*2
*26
*37
*32
*.8 5
*
.OS
*3
*1*4
1*2
.50
*178
*3*9
1*8
*1*8
.40
10
*.30

9 Bid and asked prices.

3%
334
13% 14
105*4 105%
89% 8 934
75
75*2

Last Sale
Last Sale

*15
♦50

16
1

Last Sale

.15
*.25
9*2

.15
50
10

13%

13%

20

July'21

3»2
3»:
1334 1334
105 1053i
75*2 75*2
10 June’ 21
2
July'21
*15
16
.50
.50
41*4
M a r’21
.30

Last Sale 3*2

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La$t Sale

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Last Sale
12

and rights

11

Last Sa le
s Assessment
#

11

p aid.

BONDS
next p *g «

Many* sines /a n

STOCKS
BOSTON STO CK
KXOHANQK

Lowest.

1.

Hiyhssi.

Bangs for Presioms
Ysar 1920.
Lowsst. Highest

R ttllroudx
198 B oaton
A lb a n y __________100 119 A p r 16 129U F eb 25
F eb 184
119
N o?
13U Boo ton E le v a te d ___________100
6178 Jan 11
M ay
0 0 % M a y 10
00
Oof
68
53
D o p r e f ..................
100
78
Jan 7
74*i D eo
86 M a y 24
89*a N o ?
82 Boo ton A M a in e ___________100
15*4 June 20
25% Feb 8
40 Sept
13*i D eo
D o p r e f ............................. 100
30
Jan 4
20 June 22
Oct
49
26
D eo
1 Boo ton A P ro v id e n ce______100 110 June 22 133
124
M ar
Jan 143
Jan21
B oeton Suburban E ie o _ _ »o
.26 Jan 29
26o Oot
10c D e c
.25 Jan 29
D o p r e f -----------------.76 Jan 29
76o D eo
.99Jan 28
7 M ar
3 i4 Jan 19
Boat A W oro Eleo pref .n o
11
M ar
3 N ov
384 F eb 16
F eb 26 130 F eb 26
O hio Juno R y A U S Y ____ 100 130
Jan
Jan 132
180
D o p r e f ________________100
F eb 4
Jan
63*2June 16
86
06*8 Deo
73
45 M a ine C e n tra l_____________ 100
36*4 M a r 19
76 Sept
43*2 F eb 3
Deo
82
175 N Y N H A H a r tfo rd _____ 100
13*2June 18
37*4 Sept
23U Jan 12
16% D eo
Jan
D ec
60
April
N orth ern N ew H am pshire. 100
86
70
F eb 23
75
60 July 12
N orw lob A W orcester pref .100
July
89 July
Jan 27
76
77
28 Old C o lo n y ___ ____________ 100
Apr
58 M a r 31
D eo
80
00
Jan 19
76
A pr 23
R u tlan d p ref...........................100
Jan
15
16
Jan 12
27*4 Oot
21
V erm on t A M assachusetts. 100
89*4 N o ?
70 M a y 24
70 June
Feb 9
76
764 W est E nd S treet____________60
Jan 3
40
D eo
80
46*4 Jan
4 3i2 M ar
10
July
Jan 8
49
D o p r e f ------------------------- 60
66*f Jan
48
63 M a y
M is c e lla n e o u s
.20 July 19
A m Oil E ngin eerin g.............. 10
7*4 M ar
D ec
80
3
Jan 0
2,520 A m er Pneum atic S ervice___26
Jan 2 1
3*i N ov
Feb
2
1
4% A pr 30
1,495
13*i N o ?
Feb
D o p r e f ________________ 60
8*2 Jan 3
6
15*2May 2
2,337 A m er T e le p A T e le g ______ 100
A pr 100*4 Sept
96*8 Jan 3 109 M ar 30
80
76 A m oakeag M f g _________
Jan 3
74
Apr
90 M a y 7
70 N ov 167
25
F eb 24
73
N ov
D o p re f_____________
83
Jan
81*4 July 9
70
19
Jan
A n glo-A m C om m l C o r p .n o
.07 Jan 6
.16 Feb 9
lo D ec
Jan
21
38
Apr
N ov
12
A rt M eta l C onstrue I n o ____ 10
10
13*2 M a r 8
100 A tlas T a c k C orp oration
15 M a r 29
D ec
36*4 Apr
14
A pr 29
20
50 B eacon C b o o o la te -----------------10
.50 June 24
10
Apr
87g D eo
Jan 8
4
414 M ar 18
127g Apr
D eo
B lgheart P rod A R e fg ---------- 10
5
6*8 Jan 3
.15 Ju ly 25
1,200 B oston M ex P et T rustees
3*a Jan
0 0 c N ov
.95 Jan 10
2.600 C en tu ry Steel o f Ainer In o -_ 1 0
7
Jan
.25 M a r 9
49o Deo
1*8 Jan 10
145 C on n or (John T ) ____________ 10
N ov
9*2 July 27
14*4 Sept
12
13*2 Jan 10
0ig M ar
3*2M ay 4
E ast B oston L a n d .......... ......... 10
3*8 Deo
4*2 F eb 11
80 Eastern M a n u fa ctu rin g_____ 6
13*2June 9
3012 Jan
Deo
Jan 8
21
23
325 Eastern 8S Llnee I n o ______ 26
28*8 M ay
16
Jan 10
16*f D eo
2334M a y 7
88
Apr
A ug
70
Jan 17
75
A p r 10
02
D o p r e f ________________ 100
1 15 E dison E lectric Iliu m _____ 100 152
N o?
Jan 3 164
Jan 25
140 M a y 104
36*i Jan
8 June 23
E lder C o rp o ra tio n ______
15*i D eo
17
Jan 8
145 G ardner M o t o r .......................
U7g July 14
23*4 A p r 12
20 June
D ec
512 M a r 3
8
Jan 3
8
G orton -P ew Fisheries______ 50
22*2 July 28
60 M a y
" _795 G reenfield T a p A D io ---------- 26
35*2 Jan 17
32«4 D ec
300 In tern at C em en t C o r p , no
A pr
29*4
19 July 6
10
25*2 A p r 18
74*f Jan
36 June 20
90 Intei nat C o tto n M ills -------- 60
D eo
411* F eb 7
40
96
Jan
156
D eo
80 M a y 3
86 M a r 28
80
D o p r e f ________________ 100
46
Jan
3 M a y 25
330 In tern at P rod u ots______
13
Jan 8
6*8 D eo
17 Ju ly 1
D eo
24
80*2 Fob
32
Jan 7
D o p r e f ________________100
2% June 30
8*8 Apr
" "266 Island Oil A T ran s C o rp — 10
D ec
4
478 M a r 18
3178
Apr
175 L ib b y , M cN e ill A L i b b y . . . 10
7 *4June 2 11 13
Jan 11
10*8 N ov
75 L oew ’s T h e a tre s...................... 25 o i l
Jan 3
18 June 7
00*2 A pr 012*9 Sept
73 June 15
479 M cE lw a ln (W H ) 1st p re f. 100
89*2 D ec 101*2 Jan
92*2 Feb 23
86 N o ?
460 M assachusetts G as C o s — 100
70*4 July 28
85
Jan 8
08*4 Feb
03*4 N o ?
209
59*4 Jan 6
64 M a y 9
67 June
D o p r e f ________________ 100
10 M ergenthaler L in o ty p e — 100 117*2June 9 122
Jan 26
118 N o v 138*2 Jan
53
Jan
D eo
35 M exioan In vestm en t In o — 10
16
15 M a r 3
35*8 A pr 25
6*2 June 28
12
July
2,044 N ation al L ea th er___________ 10
7*8 D eo
9*4 Jan 13
2*2 A pr 22
43g N ov
8*8
4 i2 F eb 2
N ation al O il_________________ 10
N o?
62 N ew E ngland T e le p h o n e ..1 0 0
9 5 i2 Jan 3 105 M a y 9
82*8 M a y 101
7 July 26
36*8 Jan
D ec
30 Ohio B o d y A B low er___
9
10*2 Jan 7
34*a M ar
20 Ju ly 18
80 O rpheum C ircu it In o -------------1
30*4 A p r 29
23*4 D ee
146
Jan 3 167*4 F eb 18
121 P a cific M ills ..........................
160*4 D eo 170*8 Jan
99
Jan
D ec
80 M a r 8
86
87
F eb 17
P lan t (T h os G ) p ref---------- 100
10
Jan
12*2 A p r 14
13 N ov
60 R eece B u tto n H o le ---------------10
14
Jan 10
55
Jan
17 Jan 29
177a D e c
24 M a r 23
R o o t A V D e rv o o rt Cl A
25*2 Apr
N ov
5*2 Ju ly 11
5
175 Sim m s M a g n e to _____________ 5
9*4M a y 2
Jan
8 .8*2 Ju ly 11 l0 5 34 Jan 12
97*| N o v 133
710 Sw ift A C o ___________
100
76 M ar
D eo
47 June 16
61
F eb 15
50
11 T o r rln g to n __________________ 26
Apr
28
12 J u ly 12
22
Jan 10
21 N ov
5 U nion T w ist D r ill____________ 6
Jan
49
32*f D ec
866 U nited Shoe M a ch C o r p . . 26 z33*2June 14: 39*4 Jan 4
Feb
26
Sept
22 *4 A p r 1|
25
Jan 14
118
D o pref _________________ 25
19 M ar
16*4 Ju ly 16
12*4 F eb
19 M a r 1
1,195 Venutra C onsol Oil F ield s— 5
23*4 A pr
D ec
1678 Jan 5
15
22 M a y 18
712 W aldorf System In o -------------10
44*2 Jan
8 34 Ju ly 27
14*a D e c
17
Jen 5
90 W altham W a tc h ....................100
20
Feb
D ec
14
934M a y 27
17 F e o 18
645 W alw orth M a n u fa c tu r in g ..20
3 9 * 2 June
11 A p r 13
2 2 l2A p r 28
19*i D e c
50 W arren B ro s _______________ 60
33
Jan
D ec
27
19
A pr 1
29*2 A p r 18
10
D o 1st p ref_____________ 50
Jan
35
D eo
30
Jan 11
25
18 A p r 6
D o 2d p ref.......................... 50
32 Sept
D ec
8 July 12
15
18*8 Jan I I
W lck w lre Spencer Steel---------5
M in in g
1 % F eb
.40 Mar 29;
40c; A u g
.75 M a r 3
A d v en tu re C on solid a ted — 25
77
Jan
56
Jan 19
43*2 A p r 5;
40*4 D e c
23 A h m e e k _____________________25
i 2 Jan
.1 5 J u ly 5
.50 A p r 7
20o D eo
A lgom ah M in in g ____________ 25
42
Jan
D ec
15
16 A p r 5j 23*2 F eb 11
100 A llou ex______________________ 25
4i2 Apr
A ug
2 June 10
2
334 Jan 7
250 A rcadian C on solid a ted ------- 25
1534 JaD
07g Jan 3
10 A p r 28
5*4 D eo
-------- A rizona C om m ercial-------------5
107g Apr
8 M a r 8'
10*4 M a y 13
6V M a r
1,271 B ingham M in e s ____________ 10
40 0 Jan
20 Oct
.03 Jan 6
.0 8M ay 25
-------- B u tte-B a la k la va C o p p e r— 10
Jan
D e c 409
200
Jan 4
36 C alum et A H e cla ___________25 210 A p r 5 1 259
40*s
Jan
N
ov
16*s
Jan
17
11*2
July
29.
10*4
190 C arson H ill G o ld ........................ 1
16*2 JaD
10
Jan28
6*f D ec
7
Jan 4'
-------- C en ten n ia l----------------------------25
4S% Jan
D ec
25
27
Jan 3
36®4May 3
477 C op p er R a n ge C o ___________25
47g M ar
3*g D ec
4*4 Jan 18
2 % M ay 3
-------- D a ly -W e s t..................................20
14U Jan
47g D e c
5*4 M a r 28
7*2 Jan 0
275 D a v is-D a ly C o p p e r-------------10
16
Jan
7*4 D e c
10*8 Jan 8
7^8 Jan 3
50 E ast B u tte C opp er M in ------- 10
6*4 A pr
50c Aug
1% A p r 2
3*4 Jan 6
250 F ra n k lin _____________________25
6*s M ar
D ec
154 M a r3 0
2
3*2 Jan 6
100 H a n co ck C on solid a ted ____ 25
4
JaD
A
ug
1
June
20
1
Jan
7
2*2
210 H e lv e tia _________________ — 25
84 Jan
N
o
v
25o
.25
M
a
r
18
.95
M
a
y
27
100 Indiana M in in g . ____________ 25
00 s «p t
Feb
39
48
Jan 3
68% June 16
735 Island Creek C o a l------------------ I
82 June
75 N ov
SI Ju ly 21
75
Jan 6
5
D o p r e f __________________ 1
38
Jar
D ec
15
22 M a y 11
16*4 Jan 3
-------- Isle R o y a le C o p p e r-------------- 25
5
M ar
2% M a r 14
2*8 D e c
3 % M ay 16
100 K err L a k e___________________ 5
2*4 Jan
134 A p r 12
1*8 A p r 1
1*8 D eo
-------- K ew eenaw C o p p e r-------------- 25
47g Apr
2
Jan 4
3*4 F eb 16
1*8 D ec
_____ L ak e C opp er C o ------------------ 25
3*8 Jan
D
ec
1*4
Jan
25
1*4
2*4
F
e
b
11
410 L a Salle C o p p e r.....................2 5
3
Jan
90c D e c
1*4 Jan 22
1% F eb 25
310 M a son V alley M in e ................. 5
5&s Jan
33s Jan 8
1*4 D ec
55 M a ss C o n so l_______________ 25 .55 A p r 9
1134 Jan
234 July 13
5*4 Jan S
3*4 D ec
835 M a yflow er-O ld C o l o n y ------ 25
710 Jan
1*2 July 22
1*4 D ec
3*2M a y 5
-------- M ic h ig a n ----------------------------- 25
72 - M ar
40*2 D e c
43*2 Jan 3
55 M a y 5
55 M o h a w k ------------------------------- 25
24
Jan
12*2 M a r 31
12*4 N ov
16*4 A p r 25
670 N ew Cornelia C o p p er------------ 5
7 U Jan
S5o D ec
.50 A p r 25
.95 Jan 7
______ N ew Id rla Q uicksilver............. 5
48
Oot
M ar
21
57 M a y 10
40
F eb 4
______ N ew R lv i r C o m p a n y ........... 100
95
8cPt
Feb,
79
80
Jan 4
95 M a r 7
______
D o p r e f ----------------------- 100
12*3 Jan
D eo
4 July 14
7
S*2 Jan 20
345 N ipissing M in e s ....................... 5
D e c 1 21*9 Apr
8 M a r 23
8
12*2 F eb 21
380 N orth B u tte .............................15
80c Jan
*4 O ot
.50 Jan 7
.25 M a r 8
______ N orth L a k e . . ...............
25
2 * 8
J a n
Decj
17g Jan 6
1
1% F eb 9
______ OJlbway M in in g ____________ 25
3 7 *3 Jan
D eo
15
25*2 July 1 1
155s Jan 3
50 Old D om in ion C o ....................25
Jan
20*j D ec; 58
23 M a r 30
33 M a y 14
10 O sceola ______________________ 25
Jan
65
D
ec!
S4H
43
M
a
y
3
35*2
Jan
3
5 Q u in c y ______________________ 25
Jan
58
40
A pr 26
25*4 D ee
28
Jan 3
37 St M a r y ’s M in eral L a n d .. . 2 5
Jan
50c D ec
Jan 28
.75 Jan S 1 %
50 S h a n n on ------------------------------- 10
2*2 Apr
IQO M ar
2
Jan 1S|
1
Jan 22
__
South L a k e --------------------------25
25o Jan
So Deo!
.12 Jan S
.04 M a r 4
250 S outh U tah M A S ---------------- 5
Jan
2*4 P e c '
4 *2 F eb 11
3 M a r lS
______ S u perior-------------------------------- 25
6*8 Jan
D ec
1
1 June 23
2*4 F eb 17
25 Superior A B oston C o p p e r .. 10
4
Feb 15
1 ^ 6 J u ly 8 1
770 T rin ity C op p er C o rp n ............. 5
Jan
1 * 4
83c D ec
.75 Jan 17
.40 Jan 3;
1.000 T u olu m n e C o p p e r------------------ 5
Oot
4
A
u
g1
3
Jan
5
lMi
17$
July
191
325 U tah -A p ex M in in g ............... 5
9*4 Feb
42*j D ec
5
Jan 12
3
Jan S
____
U tah C on solid a ted ---------------- 1
8% Jan
2c No\
2 Ms Jan 31
.95 Jan 4
1.000 U tah M etal A T u n n el................1
8*2 Jan
1 Deo
2*4 Feb 17
.lO M a y 4
150 V ic t o r i a _____________________26
o
Jar
25c Sept,
.SO M ar %
.35 Jan 6
30 W i n o n a ...................................... 25
S
P
e
c
U
Feb
21
8*3
July
5
75 W olverine --------------------------- 25
P s M at
15c Oot
.48 J a n t S
.25 June 23
W y a n d o t t e --------------------------25

A

par
no par
par

no par
no par
par
no par

no par

no par
nopar

Oot

par

no par

no par

no par

227g

Jan

h E x-rlgh ta. x E x -d lv ld e n d .

0

Par value $10 per share-

July 30

THE CHRONICLE

1 9 2 1 .]

Outside Stock Exchanges
Boston Bond Record.— T ransactions in bonds a t Boston
S to ck Exchange July 23 to July 2 9 , b oth inclusive:
Sales
Friday
for
Last Week's Range
of /v Ices.
Week.
High. Shares.
Price. Low.

Bonds—

U S Lib Loan 3 %s 1932-47
1st I.lb Loan Is . 1932-47
2d Lib Loan 4s - 1927-42
1st Lib L’n 4 1 s 1932-47
2 d Lib Loan 4 .Us. 1927-42
3d Lib Loan 4 1 is . 1928 ____
4th Lib L’n 4 .Us 1933-38
Victory 4 % s _ .1922-23
A 1 1G to W I SS L 5s 1959
15 1 1
Balt to Ohio 4s__
1948
C C C & St Louis 4s 1993
Clove T to V 4s reg. - 1995
Interboro R T 5s
i960
K C Clin to Sp 5 ?___ 1925
1931
Mass Gas 4 %s ___
IVIiss Riv Power 5s. _ 1951
78
N E Telephone 5s___ 1932
84
Pond Creek Coal 6 s. .1923
Seaboard A L 5s______1949 ______
Seneca Copper 8 s ____ 1925 - - - - - Swift & Co 1st 5s____ 1944
U S Smelt, R
M 6 s. .1926
Western Tel & Tel 5s. .1932
84

86.74
87.34
86.24
87.34
87.24
91.24
87.34
98.30
4 1%
69
67
66

87.32 $1,750
87.34
200
87.24
850
87.74
4,850
87.62 11,650
91.86 25,300
87.77 32,450
98.58 11,850
47
54,000
69
5,000
67
10,000
66
5,000
56 %
5.000
67
3.000
77%
1.0 0 0
78 % 17,500
84
1.0 0 0
95
1.0 0 0
2 6%
5,000
96
1,0 0 0

56%
67
77%
77%
84
95
26 %
96
83% 8 3 %
92
92
81 % 84

1,0 0 0

3,000
1 1 ,0 0 0

Range since Jan. I .
Low.
85.84 June
85.64 May
85.44 Mar
85.62 Jan
85.54 Jan
88.10 Jan
85.34 Jan
95.78 Jan
53
July
69
July
67
July
66
July
66% July
55
Apr
75
Mar
74% Jan
79 % Jan
94
Jan
26% July
94
Jan
80 % Jan
92
July
78
July

High.
92.90 Jan
87.74 Juno
87.64 Jan
88.64 Juno
88.72 Jan
91.86 July
88.54 Jan
98.58 Juno
62
Jan
69
July
67
July
66
July
56% July
67
July
80
A pr
78% May
86
May
96
Jan
26% July
101
Jan
87% Apr
92
July
84
July

Chicago Stock Exchange.— R ecord of transactions at
Chicago Stock Exchange July 23 to July 2 9 , b oth inclusive,
com piled from official sales lists:

Stocks—

Par.

Friday
Sales
for
Last Week’s Range
Sale.
Week.
of Prices.
Price. Low.
High. Shares.

American Radiator___ 100
Armour to Co pref_____ 100 89%
Armour Leather________ 15
Beaver Board_________ (*)
Briscoe common_______ (*)
Bucyrus Co common__ 100
Bunte Bros_____________ 10
Case (J I ) _____________ (*)
4%
Chicago City to Con Ry
part share common ._(*)
Preferred____________(*)
Chic Elev R y pref_____100
2%
Chicago Title & Trust - _ 100
Commonwealth Edison 100 109
Continental Motors___ 10
5%
Cudahy Packing Co com 100
Hupp M otor____________10
Inland Steel-----------------100
Libby, McNeil to Libby. 10
8%
Lindsay Light_________ 10
Middle West Util pref. .100
National Leather_______ 10
7%
Orpheum Circuit, Inc___ 1 _ _ _ _ _ _
Pick (Albert) & C o___ (*) — ______
Pig Wig Stores Inc “A ” (*)
Pub Serv of No 111 com . 100
Quaker Oats C o_______ i00
Preferred____________100
Reo M otor_____________ 10
18%
Sears Roebuck com ____ 100
Shaw W W com _______ (*)
45
Standard Gas to Electric .50
8%
Preferred_____________50
Stewart Warn Speed com 1 00 24%
Swift & C o____________100 96%
Swift International_____ 15 23%
Temtor Prod C & F “ A ” (*)
8
Thompson, J R, com ___ 25
Union Carbide to Carbon 10 44
United Iron Works v t c_50
Wahl C o______________ (*)
Ward, Montg to Co, pf.100
89
When issued_________ 20
Western Knitting Mills. (*)
Wrigiey Jr common_____25
73%
Yellow Mfg C o_________ 10
98%
Bonds—
Armour to Co 4 % s____ 1930
Chicago City Ry 5s_ _ _ 1927
Chic City to Con Rys 5s ’27
Chicago Rys 4s ser “ B ” ’27
Commonw Edison 5s _ .1943
Peop G L & C ref gold 5s '27
South Side Elev 4% s . 1924
Swift to Co 1st s f g 5s.1944
♦N o par value.

68

89
12 %

13%
9%
14
8%
4%

%
5%

%
5%
2%
215
109
5%
54
11%
39%
8%
4%
40%

2

20

23
14%
80
92%
82%
18%
64%
44%
8%
33
24%
93%
23%
7%
40
43%
9
40
89
17%
10 %
*73%
93
79%
64%
36
31%
82
73%
67%
83

82%
_____________

83

12 %

13%
9%
14
8%
4%

215
108%
5%
54
11%
39
8%
4%
40
7%

64%

68

90

8
20%

24%
14%
80
98
83
19%

68

45%
8%
33%
25%
99
25
8

41
44%
10 %
40
89
18
11

73%
99%
79%
64%
36
31%
82%
73%
67%
83%

30
591
223
275
70
10

40
50
200

305
130
40
696
725
60
10 0
200

6,007
30
220

3,371
50
60
25
50
83
60
750
795
970
10 0

50
2,457
3,840
3,985
300
75
5,575
365
325
100

535
1,750
330
746
$3,000
1,0 0 0

5,000
41,000
10 ,0 0 0
2,0 0 0

3,000
8,000

Range since Jan 1.
Low.
66% June
84
Jan
12
July
1 1 % Mar
Jan
9
14
July
8 % July
4% July

High.
73%
94%
15%
42
24
14
9
10 %

Mar
Jan
Jan
Feb
Mar
July
June
Apr

1
% May
Feb
5
8
2
July
5
May 215
200
Jan 1 1 0
10 2
4% June
7%
46
June 63
1 0 % June
16%
39
July
48%
7% June
13
4
June
7%
24% Jan 44
6 % June
9%
July
20
30%
23
July
27
14
Feb
19%
68
81
June 149
85
73
June
91
17
June
27%
62% July
87
Feb
38
66
8 % July
13%
32
July
37%
2 1 % June
36%
8 8 % July 105%
Apr
22
31%
7% July
26
27% Jan 46
40% June 62
8
July
15%
36% June 50%
85
June
95
16
Feb
24%
8 % Jan
32%
*73% July
77%
74
Mar 113%

Apr
Apr
Jan
Feb
Apr
Jan
Jan
May
Jan
Jan
Jan
May
Jan
Apr
May
Apr

78%
60
34
28
78%
70
61
80%

May
Jan
July
Mar
Jan
Mar
Jan
Jan

Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
May
Jan
Mar
Feb
Feb
May
Jan
May
May

82
67%
41%
35

Jan
Apr
Apr
Apr
88
Jan
Jan
76
67% July
87% Apr

x Ex-dividend.

Pittsburgh Stock Exchange.— Record of transactions at
Pittsburgh Stock Exchange July 23 to July 2 9 , both inclusive
com piled from official sales lists:

Stocks—

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Am Wind Glass Mach. .1 0 0
61% 67%
Preferred_____
100 - - - - - 73
74
Arkansas Nat Gas com - . 1 0
9%
8 % 10
Consolidated Ice com. . . 50
3
3
Preferred
. . 50
21
21
Guffey Gnies Oil (no par)
9%
9% 10
inOcp Brewing com
50 ______
2%
1%
Preferred.
50
8
6
8
L0 ae Star g „.
___ . .25 ____
18% 19%
Mfra Light & Heat
45
44% 45
.50
. . at Ben J*rank bn Ins <;o 50
90
90
Is at J ireproof ing pre f
14
50
14
Ohio i uel OH.
_. . 1
13% L3%
Ohio 1 ml rtuppJy
. .25
42
42
42
O >:Jabom a ' ' at'iraK >;>. ._ .25
2 1%
20% 2 1%
Pittsburgh Brew com. 50
3
3%
Pi erred
50
6%
7%
f 'lit »b to Mt.
s'a GoS) 1
20c
2 Jc
PiUr.bUf’Kn On k G; : . 5
7%
7%
Pittsburg;; f'l ..te Glass 100
116
J10
Pitt :.o. :■;/ Lrsh member ship
3750 3750
Lnion
f nnu C;?.s
100
109
JJO
(
Steel < or\> coin
100
74
74%
Wert house: A if* Brake
50 87
87
87%
W'house I J to, Mfg con 50
43% 44%
Bonds-—
fndep Brewing 6 s
Pittsburgh Bn // 6 s

955
949

61
70

65
70

730
240
70,113
50
10 0

820
142
295
185
226
56
20

105
200

260
30
135
7,900

Range since Jan. 1 .
Low.
49%
71%
7
3
20%
6%
1%
3 ,
16%
42
89%
12

U%
40
19
2

5

20c

7%
113
3600
61 107%
90 71
485 87
75 42
100
22
1

89,000
13,000

41

High.

June 115
June
85
Mar
19
Jan
5
Jan
28%
June
29%
Fob
2%
Jan
8
June
26
June 53
Apr 91
Jan
18
July
19
June 50
June 30%
4
June
Jan
9
Jum
30c
12
July
June J20
A pr 3750
July 1 1 0
84%
June
July
97%
July
49%
Fob

6 6 % July

65
70

Jan
Jan
Apr
Feb
May
Feb
July
July
Jan
Jan
Mar
Mar
J an
Mar
Jan
M nr
Mar
Jan
Jan
July
July
Mar
Feb
Jan
Ma
July
Mar

517

Baltimore Stock Exchange.— Record of transactions at
B altim ore Stock Exchange, J u ly 23 to July 2 9 , both in
clusive, com piled from official sales lists:

S tock s—

Fr Idag
Sales
Last ii eek's Rangi
for
Sale.
Week.
Par. Price. Low. H igh. Shares.

Arundel Corporation
50
25%
Baltimore l ubo
100
Colostliie Oil
1
( lent Teresa Sugar
10
Commercial Credit pf B 25
25
{ lonsol ( Jhh E 1/ to. Bow 100
82%
( loiiHoiidation <Joal
. 100 ..........
Cosden to. Co
no var ______
Preferred.
..... — 5
Davison Chemical no par
I loiiMton Oil prof tr ctf.s 100
09
Ml, V -Woodb Mills v t r 100
Preferred v l- r
100
45
Northern Central
50
Pennsyl Wat Ac Power .100
84 1
United Ry to Elec.
.50
9
Wash B to Annap prof 50 ...........
Bonds—

( ity to Suburban 1st 5sl922
( )ity<feSub(Wash) 1st 5s 1948 64%
Consolidated Gas 5s 1939
Cons G E L to P 4%s_ 1935
99
5% notes.............. ...........
96%
6 % notes_____________
7% notes______________
97%
98%
7 % % notes. . . ---------Consol Coal ref 4%s. _1934
Refunding 5s_____ 1950
Cosden to Co conv s f. 1932 ______
Davison Sulphur 6 s__ 1927
Petersburg A 5s
_ .1926
United Ry & E 4s. _ _. 1949
Income 4s
1949
Car trust 8 s_ _ _
Funding 5s________1936
7% % notes........ ......... _ 10 2
Wash B to A 5 s ____ 1941
9l
Wil & Weldon 5s____ 1935

25%

25 %

20

20

.40
1%

24%
82%
80
28
3%
35
69
10 %
44
65
84%
9
27

.40
i1•
25
83%
80 %
28
3%
36
70
10 %
45
65
85
9%
27

30
15
250
350
151
J 17
25
400
285
270
12 1
100

969
26
95
2,970
50

96%
64%
87
73%
98%
96%
97%
98
74%
78
94
89
94%
62%
42%

96 % $5,000
64%
1,0 0 0
87%
3,000
73%
7,000
99
19,500
96%
8,000
97%
7,000
6,500
98%
74%
2,0 0 0
78% 11,0 0 0
94
38,000
89
1,0 0 0
94%
1,0 0 0
64% 27,000
42% 37,000
100
10 0 %
9,000
62
62
2,0 0 0
1 0 1 % 10 2
4,000
J,000
68
68
91
91
2,0 0 0

Ramge since Jan. 1 .
Low.
21 :
20

.36
J%
20%
81
79
26%
3%
23
00
10

40%
63%
77%
9
26
94
64
86

72%
94%
92%
93%
95%
74
72
90%
89
92
61
42%
99%
60%
99%
67%
90%

Mar
June
July
July
Feb
Jan
July
M ar
July
Mar
July
June
J une
July
Jan
J une
July

High.
28%
20

.95
4
25
92

88%
M)%
4%
43%
oq
oo
18
62%
67
88
12 %

30

Jan
97
June 6 6 %
Apr
87%
June
76%
Jan 99
Jan
97%
Jan 98
June
98%
June
79%
Jan
80
Jan 97%
July
92%
Feb
94%
June
65%
June 47%
June 10 0 %
June 65
Jan 1 0 2 %
June 71%
July
92

Apr
J une
Jan
Jail
July
Jan
Jan
Apr
A pr
May
Jan
Jan
Feb
Jari
Apr
Jan
Mar
Mar
Apr
July
Jan
July
July
July

Apr
Jan
May
May
June
July
Jan
Jan
Mar
Feb
Mar
May
Jan

Philadelphia Stock Exchange.— R ecord of transactions
at Philadelphia Stock E xchange, July 23 to J u ly 2 9 , both
inclusive, com piled from official sales lists:

Stocks—

Friday
Sales
for
Last Week’s Range
Sale.
Week.
High. Shares.
Par. Price. Low.

American Gas _ __
100 27
27
28
57%
American Stores___ no par
56% 57%
1 st preferred.
. . 100
93% 93%
Cambria Iron
.50
35% 35%
Elec Storage Battery__ 100 105
104
105%
General Asphalt _
100
50% 52%
15
Hunt & B Top, pref___ 50
15
29
Insurance Co of N A ___ 10
28% 29
J G Brill Co
100
33
30
29
Keystone Telep, pref__ 50
29
7%
Lake Superior Corp___ 100
7
7%
Lehigh Navigation
.50
63% 65
53%
Lehigh Valley__________ 50
51% 53%
33
33
Little Schuylkill_______50
33
Penn Cent L & P, pref. 100
43
43
Pennsylv Salt Mfg _
50
67
67%
Pennsylvania .
_ _ 50
38%
35% 37%
Philadelphia Co (Pitts)—
31%
Pref (cumulative 6 %) .50
31
31%
Phila Electric of P a ___ 25
2 1%
2 1% 22%
22%
Preferred
_ _25
26% 27
Phila Insul Wire___ no par
50% 50%
16%
Phila Rapid Transit___ 50
16% 17
Philadelphia Traction__ 50
52% 54
Phila to Western, pref__ 50
26
26
Reading _ _
50
69% 69)4
Tono-Belmont Devel___ 1
1
1 1-16
Tonopah Mining
_ 1
1 3-16 1 3-16
30%
Union Traction____ _ 50
30% 31%
United Cos of N J
.100
165
165
32%
United Gas Impt _ __50
32% 34%
Preferred
49% 49%
Warwick Iron to Steel.. _ _ 10
8%
8%
West Jersey & Sea Shore .50
28% 32
Westmoreland Coal.
50
60% 60%
Bonds—
U S Lib Loan 3 %s_ 1932-47
1st Lib L’n 4 %s. 1932-47 87.82
2d Lib L'n 4% s_. 1927-42 87.56
3d Lib Loan 4% s_. .1928 91.92
4th Lib L’n 4 %s. 1933-38 87-78
Victory 4 % s___ 1922-23 98.48
Amer Gas & Elec 5s. .2007
do
small___ 2007
70%
Baldwin Locom 1st 5s_1940
93%
Bell Telep of Pa 7s___ 1945
Elec to Peop tr ctfs 4s. 1945
54%
Illinois Central 4s___ 1955
Inter-State Rys coll 4s. 1943
Keystone Telep 1st 5s_1935
Lake Superior Corp 5s. 1924
Lehigh Valley coll 6 s_ _ 1928 98%
Annuity 6 s ___
Gen consol 4s______2003
Pennsylvania R R 6 %s 1936 99%
Phila Co cons&coll tr 5s ’51
78%
Phila Electric 1st 5s. .1966
87
do small_____ .1966
do small regs . . _ 1966
Reading gen 4s . .
__ 1997
United Rys Invest 5s_1926 —

86.96
87.54
87.30
91.30
87.34
98.34
71
70%
93%
104
54
76%
30
66

37
98
106

110
10 0

275
277
30
620
118
682
20

205
13
3,589
333
910
1,637
45
4.695
199
12 0

30
400
105
649
40
2,288
20

34
114
15

$800
87.22
1,2 0 0
87.82
87.64 42,150
92.00 231,900
87.78 21,050
98.62 15,550
5,000
71%
71
300
2,0 0 0
93%
104
10,500
55
6,000
76%
1,0 0 0
8,000
30
66

38
98%
108
6 8 % 69
99
99%
79
78
87
87%
87
87%
85
85
75
75%
66

35
763
90
275
640

66

2,0 0 0
2,0 0 0

5.000
1,0 0 0
2 ,0 0 0
2 2 ,0 0 0
8,000

49,000
900
1,0 0 0

17,000
1.0 0 0

Range since Jan. 1 .
Low.
27
44
87
34
92
45%
8%
27%
30
27
6%
62%
47
33
40
64%
32%
31
21
25%
50
15%
51
22
62%
1
1 1-16
29%
163
30
49%
7%
27
60

June
Jan
Jan
June
Jan
June
Jan
July
June
Apr
June
June
June
July
Jan
Jan
Apr

High.
32
Jan
May
60
94% July
37
Jan
119
Apr
Jan
70
2 2 % Jan
29% Jan
56
Jan
30% May
Jan
10
71
Feb
56% Jan
34
Apr
44
May
74% Mar
42
Jan

June
34
Jan
Apr
2 2 % Feb
Apr
28% Feb
June
52% Jan
Jan
19% May
Mar
57
May
27
Jan
Feb
Jan
June
88
June 1 11-16 June
July
1% Mar
May
Jan
33
Feb
July 170
May
Jan
38
May
Jan
50
Feb
8 % Apr
June
37% Feb
Feb
June
80

92.44 Jan
86.76 July
87.82 July
88.47 Mar
84.40 Jan
88.30 Jan
88.20 Jan 92.00 July
S5.60 Jan 88.58 Jan
94.50 Jan 98.62 July
74% May
6 8 % Jan
Apr
74
68
Mar
93
Mar
93% Jan
July
101
Jan 104
53
Jan
56% Apr
76% July
76% July
Jan
30
June 30
6 6 % May
59
Jan
Jan
37
July 48
96
June 98% Jan
Jan
106
July 109
71% Jan
68 % July
94% Apr 1 0 0 % Feb
82% May
78
Jan
87% July
82.
Jan
87% Apr
81
Jan
July
85
July
85
84% Feb
72
June
Jan
66
July
70

New York Curb Market.— B elow is a record of the
transactions in the N e w Y o rk Curb M a r k e t from July 23 to
July 2 9 , both inclusive, as com piled for the official lists.
As
noted in our issue of July 2 , the N e w Y o rk Curb M a r k e t
Association on June 2 7 transferred its activities from the
Broad Street curb to its now building on T rin ity P lace, and
the Association is now issuing an official sheet which form s
the basis o f the com pilations below :
Sales
Friday
for
Last Week's Range
of Prices.
Week.
Sale.
Par. Price. Low.
High. Shares.

Week ending Ju'y 29—•
Stock 3—

Industrial & Ml seel L
Acme Goal _
j J MG
l%
A c m e P a ck in g ________ 1 0
Aetna Explos Bache ctfs
Aluminum Mira corn _(f)

1
V/h

12
10

1%
1%
12

16

2,500
2,835
10 0

Range since Jan. 1 .
Loio.
% Mar
1% July
8 % Apr
15
June

High.
2
Apr
5 % Feb
12% July
23
Jan

518

THE CHRONICLE
Suite
haul Week18 Haaye for
Salt. of Pricea
Week.
(Concluded) Par Price. Low.
High. Shares.
Friday

Stock*

Range since Jan. 1.
Low.
High.

AUiiiLalJt L.tJttLiifcf, CoIji (f)
Apr
74S
7
16 H May
9H 1034
Amer Writing Rap com -100
6 H Jan
4
800
3 H J uly
3H
Automatic Fuel S ____ (t)
J Line 68
Jan
100 38
40
40
Bethlehem Motors_______f
65c
200 65c July
65c
2H Apr
Brit-Am Tub urtl bear, - £1
14
Jan
i m Mar
iin
11H 12
Ordinary___ r_ _ . _______ 1.. _ _ _ _
13 A Feb
12
12
1,000
11H Mar
35
July
Carbon Steel common. 10U
18
Jan
10
18
18
3% Fob
Car Lighting *& R o w .__ 25
750 July
1 l 5 16 5,700
2 y% July
6
July
2,252
CarlLle Tire___ ________
6
3k
Celluloid Co preferred - _ 100
105 98 H June 103 H May
1 102
102 3b
Chic A E 110, new com . loo
1 2 n June
500
13 H 13 U
14K May
Chic Nipple Mfg, ClijSSAlO
3
300
July
4H
7 k Jan
4H
July 255
Cities Service com_____1(JU 119
Feb
116
1,030 101
120 34
Preferred___________ 100
896
Feb
35
June 71
42 H
4ZH 43 H
/
Preferred B ___ ____ 10
6 H Feb
334
o•-11a
20
3 H July
3H
Citlea rterv Bankers' ah. (f>
7,512
14
31H Apr
12
13 H
11H July
Colombian Emerald Synd
4 H Jan
70c
2,700
64c July
70c
75C
Apr
C'mnwealthi- inance com(t)
16
47 H July
44 H 47 H
490
74
Preferred___________ 100
Fob
May
44
60
t)w/j
185
Conley Tin Foil - . .(no par)
June
11
19 H Jan
920
14 H
13H U H
Continental Motors _ _. 10
8
Jan
IVa June
5H
3,500
53'S
86 H May
l)ci Lack & West Coal 50
July
75
75
10 75
75
Dictograph Prod Corp. .10
July
3H July
650
3
2H
Durant M otors___ (no par)
13
Jan
July
2,500
28
27 H 2934
O^ H
ya
1 7]£
26
Empire Food Products »t
1H Apr 28 n j uly
Farrell (W m)&Sou,com.(t)
11
J une 21
Jan
12 H 13H
400
Apr
Gardner motor__ (no par)
23
100
10H July
10H
103 a 1034
24
Garland SS_ ______ (no par)
1
l
i n Apr
n Mar
Apr
Jan 147
Gillette Safety Razor, . ( f i £ L38 l,t rl3S
205 130
143 34
33
50
May
Glen Alden C o a l,.(n o pur)
July
33 U 3434
8,860
34 H
Goldwyn Pictures (no par) _
6
J une
Jan
4
4 54
700
4H
Goodyear T &, R, c o m .. 100
4
June
26 H Jan
7,450
12 H 16
13 V
Preferred______ ___ 100
June
54
Jan
31
32
100 21
32
Grant Motor Car______ 10
1%
- .
2 n J uly
234
750
i n July
Griffith (D W) Inc_____(f)
June
July
11
9
9 ’
9
50
Harroun Motors____
50c July
75c July
75c
50c
355
50c
2
Weyden C h e m __ (no par)
3 H Feb
1,075
IH Mar
1%
Ik
45
Holly Sugar preferred.. 100
July
lu
45
July
45
45
Intercontinental Rubb-100
14 H Feb
1,100
7 H June
7H
8H
7H
Lake Torpedo Boat_____10
2 H June
75c
50c July
75c
100
Preferred _____
_ _ .10
1
1
1
July
100
m July
Lehigh Valley Coal Sales 50
Jan 72 H Feb
58
62
62
10
Libby McNeil & L ib b y .. 10
13
Jan
2.475
7 H June
8k
8H
834
Locomobile Co,com (no par)
Jan
4
50c
7.205
65c
75c
H June
McClure’s Magaz_(no par)
Jan
l
July
9
100
IH
134
Mercer M otors___ (no oar)
2
July
6
Jan
2)4
500
2n
2H
Metrop 5 too 0c Stores pf 100
July
35
30
50 30
30
June
Morris (Philip) Co., L td .10
2 V> .Tune
6
614
Jan
4
4
4)4
New Mex & Arizona Land 1
1 June
1,600
1 n July
134
l lA
National Leather com __ 10
10
525
6 n July
Jan
7%
8k
8k
2
2
Nat Motor Car & V e h .. (t)
July
July
75
2
2
Mar
N V Transportation. _ 10
17
25
July
25
25
25
Nor Amer Pulp & Paoer (f)
Apr
Jan
4
2
5n
1,400
3H
Parsons Auto Assn_______
29c July
36c July
35c
33 c
2 300
35c
Peerless Truck & Motor 50
Jan
Apr
20 H 26 %
19
30
200
Perfection Tire & Rubb.10
93c
80c
94c
n Apr
9,450
2H Feb
Pyrene Manufacturing 10
Jan
445
8 H July
11
8k
SlA
Apr
Radio Corp of Amer____(t)
3,200
m
2 H Mar
1k
IH
m
Preferred.
______ .5
2 Vo Jan
1,700
l k Apr
in
134
Republic Rubber _ (no par)
30c June
Jan
45c
38c
400
in
Apr
Southern Coal & Iron___ 5
July
1
10
600
1H
2)4
IH
June
60
Stand Corn’ l Tob Cl B_(t)
59
59
41H Apr
200
Standard Gas & El co m .50
13
Feb
8 H July
834
100
8H
Standard M ot Constr__ 10
4
July
9M Jan
300
4H
4)4
Stutz M otor C a r..(n o par)
Mar
49 H July 106
50
40
60
60
Sweets Co of America__ 10
2
Jan
2%
3 n May
2H
234 10,100
Swift & C o. ________ 100
July 106
Jan
95
96
7 90
95
23
Apr
Swift In tern ation al.__ 15
28 H M ay
23
2534
1,300
Apr
Tenn R y, L & Posv com 100
1
l"
1 n
75c
300 75C July
Tobacco Prod E x p . __ (t)
5 June
Jan
500
9
5)4
5M
534
Todd Shipyards Corp__(f)
J une 72
Feb
60
25 59
60
June
Un Carbide & Carb(no par)
60
Jan
43)4 4334
300 40
United Profit Sharing..25c
Jan
6,815
1%
134
m
IH Mar
IH
Un Retail Stores Candy, (t)
Jan
9
OH June
2,700
OH
634
OH
Jan
U S Distributing com . 50 23 M 2334 2334
35
100 21H Apr
U S Light & Heat com , .10
3,440 1 1-16 July
i n Mar
in
134
IH
Jan 1 13-1 fi.Till v
P referred___________ 10
1 300
m
134
U S Ship C o r p . _____.10
Jan
20c
22c
25c 123,100
H May
in
U S Steamship_________ 10
Jan
32c
33c
39c
70,500
m
H June
July
Wayne C oal____________ 5
Jan
1
2 n
2,000
1)4
1H
134
West End Chemical_____1
80c
76c
75c
4,300
n June 1 13-16 May
Willys Corp, com .(n o par)
40c July
Jan
48c
50c
3
48c
900
First preferred _. 100
275
15
13 H June 25H Jan
1534
R ights
Reading Company __ __
Texon Oil & Land_____

2c

16
2c

130
13,250

1634
so
106
33
151
250
425
1S9
81
6734
323

4,000
140
45
100
10
635
45
80
150
6,500
365

14 M
71
104 H
31
140
233
395
160
79
00k
296

5c 20,600
3c
37c
22c
1,775
7c 4,000
7c
72c
72c
'500
3,500
s n 1031
1234 1234
1,500
200
2H
234
15c
19c 49,300
62c
69c 30,800
4
8,10C
434
6
100
6
4)4
3H
500
3
2,800
3H
16c
20c 23,200
12c
13c 6,800
7%
10
734
125
1 1 1-16
5,600
6
5)4
26c
27c 4.000
38c
48c 4,500
15c
16c
990
3c
3c
2.500
lc
3c 12 400
3.750
1)4 1 5-16
1,200
234
in
9Sc 24,200
88c
300
3)4
100
934
9 34
400
m
m
4c
4c
2,000
17c
22c 18,100
300
8
9
30
83
85
1034 11H 17,120
7n
100
734
57c
66c
5,900
23c
23c
500
820
134
m
86c
7.200
134

3c
4c
5c
72c
7H
11H
2H
15c
44c
3H
5n
3 >2
2 "
10c
8c
7
1
5n
25c
35c
13c
2c
lc
IH
in
55c
2k
53/
1*4
3c
17c
7
S2
9n
7 n
H

Former Standard Oil
Subsidiaries
Anglo-Amer Oil _
. _ £1
15
Buckeye Pipe L in e ... .50
SO
80
Continental Oil . . . _ 100 105
104)4
Galena-Signal Oil com . 100
32 ”
Illinois Pipe Line______100 151
151
____ 25
Ohio Oil_____
240
Prairie Oil & Gas______ 100 415
415
Prairie Pipe Line. _ _ 100
185
Southern Pipe L in e.. .100
79
Standard Oil (Ind)_____25
67 M 66)4
Standard Oil of N Y .-.1 0 0 315
304
O ther Oil Stocks
4c
Allied O i l ______ __ ..1
37c
New. _ __ _. ___ 10
Amalgamated Royalties__
72c
Anglo Texas Oil ________
9H
Arkansas Nat Gas. com . 10
Atlantic Lobos Oil _ __(f)
2%
Atlantic Petroleum old__
17c
________ 5
Boone Oil.
69c
Boston-Wyoming Oil___ 1
m
______
Carib Syndicate.
Cosden & Co old com __ 5
434
Preferred. _ ______'5
3%
Creole Syndicate_______ _
16c
Cushing Petrol Corp_____5
______ .1
Denny Oil.
Dominion Oil__________ 10
Edmonds Oil & Refining__
5H
__ 5 26c
Elk Basin Petrol
Empire K y O i l _____ __
46c
Engineers Petrol C o , __ 1
Ertel Oil________________5
3c
Esmeralda Oil C o r p __
1
2c
Fay Petroleum__ _______ 1 1 5-16
Federal O i l ______ __ __5
Gilliland Oil, c o m ___ (t)
92c
Glenrock Oil___________ 10
SVs
Grenada Oil Corp Cl A . .10
Guffey-Gillespie Oil _ (t)
Hart Oil Corp class A __
Harvey Crude Oil _ __ 1
Hudson Oil___
_______ 1
8
Imperial Oil ( D e l ) . ___ 25
Imperial Oil (Canada)___
10H
Inter Petrol. _ _ (no par)
Kansas Gulf Co _
57c
Keyst Ranger Dev C o ___ 1
23c
Livingston Oil Corp_____1
IH
Livingston Petroleum_____
VA

13 H Mar
2C July

17
3c

334

June
June
July
July
June
June
June
June
June
June
June

20
5c

22
89
110
51
1S3
320
515
202
103
77
385

Feb
July

May
July
July
Jan
May
Apr
May
Mar
Mar
May
Apr

20c
Jan
July
July 1 7-16 June
June
8c July
July
72c July
Mar
18 H Apr
June 25 H Apr
July
June
3
July
2H Jan
July
IH Mar
July
i o n Jan
Apr
6
July
June
4 n July
Mar
4 V Apr
June
H Jan
July
Jan
in
june
10
jan
July
l H July
July
Apr
10
July 27C July
July 1 11-16 Anr
June 24c July
July
7c July
July
1
Mar
June
Jan
2n
Jul>
24
Jan
July
2H Jan
June
9 H May
.Tune 30
Feb
Julv
i n July
July
10c Mar
July 11-16 May
June
14
Feb
July
85
July
July
17 H Jan
11 V Afar
July
Apr 1 3-16 Apr
20c
July
45c May
Jan
IH Juno
3n

[ V ol.

Other Oil Stocks

{Concluded)

Par.

Sales
Friday
Last Week's Range for
Sale. Of Prices. Week.
Price. Low. High. Shares.

Lyons Petroleum________
1
Manhattan Oil _ (no par)
21^
Maracaibo Oil E x p l __ (f)
Meridian Petrol_______
7H
Merritt OU C orp.- ___ 10
26
Mexican investm ent.. 10 74o
Mexico Oil Corp
10
2H
Midwest Oil com m on-.Mountain & Gulf OIL .
Mountain Prod___
84c
National o il of N J.
Preferred..............
18o
sfobie Oil & Gas ___ . . _ 1
7
Noco Petroleum common. _
North American OU____ 6 25c
Northwest Oil___
1
Ohio Ranger__________
5c
Okmulgee Prod & Ref. _ 5 1 3-16
10
Omar Oil & Gas___
Pennock Oil
. . .
10
2 k
Producers & Refiners__ 10
5
Ryan Consol
Salt Creek Producers now. _
3
Sapulpa Refining.............. 5
K)(;
( ill
Sequoyah OU & Refining. 1
6%
Simms Petroleum, (no par)
3H
____
10
Skelly oil _ _
Spencer Petrol Corp___ 10
Vi
65c
Texon Oil <$t Land
1
United Texas Petrol___ 1
Victoria Oil. ...................... 1
Vulcan Oil. . . ______ 5
Western States Oil & Gas.
2
Wilcox Oil & Gas__
Woodburn OU Corp___ (t)
90c
MY " oil A Gas__________ 1
Zapata P & l i .......................
88c

75c
1H
203^ 2 2 n
12c
16c
8
7H
26
26
67c
80c
2n
2H
68c
68c
7n
7H
75c
85c
3 l/i
3n
17c’
18c
5n
6
in
1H
18c
25c
9c
1Lc
2c
5c
1% 1 5-16
3n
3%
2%
3
5n
10 \i 1C\>.
3
3H
m
4H
IQn
on
on
3n
4
1
m
3c
3c
62c
69c
12c
12c
42c
45c
50 c
50c
26 c
26c
2
2
90c
18 c
87

99c.
18c
1

M ining Stocks
Alaska-Brit Gol M etals.. _ 1 36c
35C 39c
Amer Tin & Tungsten___ 1
7c
10c
Arizona Patagonia Min __1
56c
60c
60c
b dcher i >ivide___
.. 10c
lc
lc
Big Ledge Copper C o___ 5
23c
25c
27c
B o o th __ __________ ___ 1
3C
3c
Boston & E l y ___________
45c
47c
48c
Boston & Montana D ev. .5
74c
65C 77c
Butte & N Y . ______
25c
30c
___ 1
Caledonia Mining
9c
10C
Calumet & Jerome Cop__ 1
15c
17c
19c
Canada Copper C o__
27c
29c
27c
Candalaria Silver________ 1
30c
32c
34c
Cash Boy Consol_______ 1
5c
5c
6c
Comstock Tunnel. __
8c
8c
Consol Copper Mines___ 1
in
1H
in
Copper Canyon___ ______
1
1
1n
Corp Mines of Amer. _____
75c
75c
Cortez Silver._________ 1 8oc
76c
80c
Cresson Con Gold M & M . 1 113-16
1H
in
Crown Reserve_____ . _ 1 10c
10c
10c
Davis-Daly.... ........... ......10
6
6
6
Divide Extension________ 1
28c
34C
35c
Dolores Esperanza. ___ 5
2
2H
2H
El Salvador Silver Mines. 1 2 0 c
18 c
3 lc
Eureka Croesus_________ 1
40c
53c
40c
Eureka Holly. _____ __ .1
m
IH
First National Copper__ 5
62c
62c
Goldfield Consolidated. _ 10
6c
6c
6c
Goldfield Florence _
33c
40c
40c
Gold Zone Divide_______1
lie
12 c
13c
l ie
Harmill Divide_______10c
12c
13c
Hecla Mining
______25c
4n
Hennessy Divide_________
13c
13c
13c
Hollinger G M new.
on
OH
on
Howe Sound C o_________ 1
2
2lA
2H
Jerome Verde Copper___ 1
17C
19c
Jim B u t le r ._____ _ __l
7C
7c
9c
Kerr Lake______
_____5
3n
3n
3 n
l ie
Knox Divide______ _ _10c
13c
12 c
La Rose Cons Mines_____5
15c
15c
15c
______ __l
Lone Star
3c
3c
MacNamara Crescent___ 1
5c
6c
5c
MacNamara Mining___ 1
15C
17c
16c
Magma C h ie f___________
3c
3c
Magma Copper _______ 5
17 H 18k
17 H
3c
Marsh M i n in g .___ ____ 1
4c
3c
Mason Valley Mines_____5
in
IH
in
McIntyre Porcupine ___
IH
in
McKinley-Darragh-Sav _. 1 15c
14c
16c
Mizpah Ext of Tonopah__
7c
9c
Motherlode. _______ _ ] 5 H c
5U c
Motherlode.
__________
3H
3H
3H
Murray Mogridge M Ltd-1
49c
53c
National Tin Corp___ 50c
70c
56c
58c
Nevada Ophir______ ____ 1
30c
31c
Nevada Silver Hills_______
5c
7c
5c
New Cornelia __ ______ _
13 H 14
13 H
New Dominion Copper___
1H
in
112
119
New Jersey Zinc___ .100 x ll6
4
4
N Y & Honduras Rosario 10
4H
Nipissing M in e s __ __ __5
4H
4H
6c
12c
Ohio Copper__ _________ 1
12c
8c
Sc
Pacific Tungsten________
26c
28c
Peruvian Copper _ _
28 C
1
1
Portland C M of D el. _____
24C 29c
Ray Hercules.................. 5 25c
20c
7c
Red Warrior. ______ __
22c
22c
22c
Rescue Eula__ __
_
8c
11c
8c
Rex Consolidated M in__ 1
3c
4c
San Toy Mining_________ 1
Sc
Sc
Seven Metals
_________
4c
3c
Silver Dale
19c
15c
15C
Silver Hills. _ _________ 1
8c
6c
Silver King of Arizona__ 1
69c
Silver King C o n s o l______
69c
1 5-16 1H
Silver M ines o f A m erica .1 1 7-16
10c
13c
Silver Pick Consol..........1
4H
South Amer Goltl & P ..1 0
4n
12c
12c
12c
Standard Silver-Lead___ 1
10c
10c
Stewart Mining_________ 1
20c
20c
Temiskaming . . .
___
20c
60c
60c
Tom Reed G M _ .
99c 1 1-16
Tonopah Belmont D ev___ 1 1 1-16
82c
77c
Tonopah Divide __ _ __1
80c
Tonopah Extension______1
1 7-16 IH
Tonopah M in in g ............1
i n 1 3-16 1 5-16
2c
2c
Tonopah Montana ..........
T rin ity __ __ _______ _25
IH
1H
6 O0
6 O0
Tuolumne Copper.... ........
2 5- 16 2 n
United Eastern Mining.
2n
United Verde Extension 50c
2 2 n 23
470
45o
U S Continental new. ___
4U
m
Unity Gold Mines---------- 5
4H
80c
75o
West End Consol’d . __ 5
4o
4e
West End O M in.
27o
24o
Western Utah C opper.__ 1
24c
5o
White Caps Extension. 10c
9lo
99 0
Yukon Gold C o-------------- 5

400
11,400
4,080
1,400
100
29,400
400
100
400
2,000
20C
38,358
400
100
19,000
6,100
5,800
9,350
100
3,600
1,465
1 200
L700
20
a 7nn
7,800
4,700
242
1,100
51,925
100
2,100
200
1 000
100
1,300
100
500

113.

Rtimge since Jan. 1.
Low.
High.
80c
7oo
10 H
11c
7
21
H
2

55c
7H
75c
2H
15c
5
in
13c
7c
2c
1H
3 n
2H
4H
9H
2H
A&A
i6 7
5n
3
1

3c
62c
12c
n

H

21o
in
70c
n
87c

June
i n July
4
July
Feb
Jan
32 n Alar
July
16c July
June
13 n Feb
Jul.v
26
July
June
2
Feb
July
2 H June
70c July
July
June
12 H Apr
.) ul \ 880 June
July
3 k July
July 13-16 Jan
July
7 H M ay
Jan
3 H Jan
July
25o July
July
H Apr
6(5 Juno
July
Jan
July
2n
J unc
o n Jan
July
5H Jan
June
14 n Jan
14 n M ay
Feb
June
5 H Jan
9
Apr
30c July
July
June
12 H May
June
OH Feb
June
9 H Jan
July
n Mar
1
Alar
July
July
n Apr
1
Jan
Jan
Jan
i n Feb
35c July
June
June
5
Feb
July
2
Jan
H Apr
Fob
July
H June

26,600
H Jan
3o July
9,000
26,700
43c May
lc July
6,000
13c July
22^500
Apr
2c
500
450 July
2,300
Jan
37c
247,450
12c June
700
8c June
6,000
12c July
6,500
16c July
1 300
12c
Jan
29^000
Jan
8,400 3 HQ
8c July
11,100
1H June
2,600
1
July
1 300
100 25c July
Jan
62c
36,300
4,100 15-16 Mar
9c June
1,0 0 0
July
6
100
18c June
15,100
500
m May
8c June
119,300
24c June
133,200
350
i n May
100 53c June
5c
Apr
6,000
20c June
105,950
9c July
27J00
7c May
64,700
1,900
3H Jan
13c July
500
100
o n July
2,400
i n May
10c June
7,200
7c Mar
1,500
July
2
2,000
Jan
23,000 7HC
500
n Apr
2c June
1,000
4c June
3,000
13c Mar
21,000
3c July
1 000
Mar
17
900
3c July
1,500
1 June
300
IH June
1,0 0 0
l i e July
3,300
5c July
10,000
Apr
1,750 4H c
3 H June
810
700 46c June
40,400 7-16 Mar
16c June
6,500
5c July
13,500
13 H July
1,500
100
i n July
July
ISO 110
100
3 H July
4
July
2,460
60 June
2,400
1,000 %Sc July
26c July
2,000
1 May
350
15c July
11,700
7c July
4,000
17c June
500
Jan
4c
41.000
3c July
3,000
5c July
1,000
3c July
1,200
15c . July
11,700
5c June
1,390
100 25o July
Feb
36c
31,770
Apr
3c
9,000
2,200
3 n Feb
12c June
1,600
3c June
3.500
20c July
1.0 0 0
500 60c July
9So July
6,700
62c July
28,000
1,400 1 1-16 May
1.600
IH Apr
2c July
500
300
IH July
May
600
>
) H June
4,250
200 2 2 n July
400
n June
200
4H July
2,100
H June
4o July
1 .0 0 0
15
6,600
Feb
l^l' Jan
1 ,0 0 0
vnr
1,200

n June
7-32 May
60c July
5H c Jan
7-16 Jan
Feb
7c
500 July
77c July
5-16 May
Jan
17c
7-16 June
32c July
55c May
Jan
9c
10c June
2 H Jan
Mar
2
76c July
80c July
Apr
2
10c July
July
6
65c Mar
2 H May
9-16 Jan
Alar
2
Jan
2
Alar
1
Feb
l ie
46c
Feb
26c
Feb
34c
Feb
4 H Feb
13c July
o n July
3 H Feb
25c July
Feb
19c
3 H Mar
24c Mar
n Feb
Feb
8c
Feb
20c
31c Alay
6c July
25 H Feb
11c Alay
l k Alay
i n July
30c
Jan
9c July
5 n c July
3 n July
61c
Feb
1 9-16 May
34c July
16c June
14
July
i n July
Jan
158
Jan
9
S H Jan
12C July
Sc July
28c July
1H June
k Feb
20c July
22c July
Apr
14c
4c June
Sc July
14c July
Apr
56c
100 July
70c July
1H July
13c July
OH Jan
3-16 Jan
10c July
200 July
60c July
Jan
1 7-16 Apr
m July
1 l i - 16 Mar
20 July
l 7s Jan
May
Mar
3
24
July
U 16 Apr
Jan
7n
\ 8 16 May
40 July
Mar
40
5o July
1 4, May

THE CHRONICLE

J uly 30 1921.]
Sales
Friday
Last Week's llanoc for
of Prices.
Week.
Sale.
Price. Low. High. Shares.

Bonds—
Allied Pack oonv <lob 6s '39
Certificates of deposit.
Aluminum Mfrs 7. 1925
Amer Tel A Tel 6s. . 1922
6 s .r _______ ___ _ 1924
Amer Tobacco 7s___ 1923
Anaconda Cop Min 7 s .'29
6% notos Series A . 1929
Anglo-Amer Oil 7 An. 1925
ArmourA Co 7' ;> notes-'30
Barnsdall 8s. ___ . 1931
Boavor Board Cos 8s - 1933
Both Steel 7% notes .1922
7% note
1923
Equipment 7s_____ 1935
Canadian Nat Rys 7a. .1935
Canadian Pacific 6s_ .1921
Chic A East 111 5s. _ .1951
Chic Union Stat GUs. 1963
Cons Gas of N 5' 8s__ 1921
Cons Textile dob 7s__1923
Copper Exp Assn 8s 1922
8% n otes...F eb 15 1923
8% n o te s--------------1924
8% no es-.F eb. 15 1925
Deere A Co 7%>s____ 1931
Empire Gas A Fuel 6s. 1924
Galena-Signal Oil 7s. _ 1930
General Asphal1 8s
19 1
Goodrich (B F) Co7a .1925
Grand Trunk Ry 6348.1930
Gulf Oil Corp 7s______1933
Heinz (H J) Co 7s___ 1930
Humble OH A Ref 7 s .. 1923
Illinois Cent 6 %s w 1..1936
Interboro R T 7s_____1921
Kansas City Terminal 6s’ 23
Kenneoott Copper 7s .1930
Libby McNeil A Libby 7s '31
Ligg A Myers Tob 6s.. 1921
Morris A Co 7 An_____1930
Nat Cloak A Suit 8s__ 1930
National Leather 8s. .1925
N Y N H A Hartf 4s. .1922
Niagara Falls Power 6s 1950
Philadelphia Co 6s_ _ _
Procter A Gamble 7s. .1923
Reynolds (R J) Tob 6s 1922
Sears, Roebuck A Co 7s- ’21
7% ser n otes.-.O ct 15’22
7% ser n otes.-.O ct 15’23
Solvay A Cie 8s_-___ 1927
South Ry 6% notes.-.1922
Southw Bell Telep 7s . 1925
Stand Oil of N Y deb 6 A s '33
7% ser gold deb 7s . 1925
7% ser gold deb___ 1926
7% ser gold d e b .-..1927
7% ser gold deb____1928
7% ner gold deb____1929
7% ser gold deb____1930
7% ser gold deb____1931
Sun Co 7s___________ 1931
Swift A Co 7s............1 9 2 5
63 --------------------------1921
TexasC o7% equ'nts. 1923
United Drug 8s__ _ 1941
United R y of Hav 7 34s. 1935
Vacuum Oil 7S-_. . — 193.6
Western Elec conv 7s_1925
Foreign G overnm ent
and M unicipalities.
Belgian Restoration 5s _ _
French Victory 53___ 1931
French Government 4s_
g German Government 5s _
Italian Govt conv 5s__
Russian Govt 534s__ 1921
Russian Govt 534s ctfs
634s _____________ 1919
Switzerland Govt 5 34s. 1929

42%
99
97 A
93 H
1 6 6 1,

90 %

99 H
98 A
lOO's
98
10434
10034
102
101
101
10034
102
93 A
9934
90
96 34
98
9934
07%
10134
S O 34

9334
95

100
99
94J4
57
10034
OSVs
9734
07%
96 34
100J4
10154
10134
102 34
10254
104
10434
92
9734
00%
00%
100
9434

101
100^4

43
$42,000
4I
2,000
9734 39,000
99 % 115,000
97% 97,000
2,000
100%
93 % 01,000
89
21,000
10034 94,000
97
77,000
9534 33,000
80J-6
1,000
9,000
99 %
983$ 34,000
943-1 42,000
101
23,000
9814 33.000
6034 26,000
105
193,600
10034 22,000
20.000
102
4,000
101
24,000
101
83.000
LOO 34 101
66,000
10134 102
5,000
9134 92
75
10,000
75'
93
93 34 37,000
99
9934 10,000
90
47,000
S9 %
9534 96% 91,000
98
97
138,000
9 8 ^ 99% 24,000
9734
97% 400.000
99% 101% 277,000
77 34 82 34 1762000
5,000
9734 97J4
92 A 93 34 56,000
93
95
136,000
99% 100
13,000
9834 99 34 24,000
94
94% 12,000
94
94%
8,000
55
57 % 28,000
87
88
5,000
9934 99%
3 000
10034 100% 1 2 ’, 000
0 0 % 99% 10,000
OOVs 99% 20,000
9834 98% 84,000
9634 97 34 29,000
99
99%
8,000
9634 97% 146,000
95 34 96% 68,000
10034 100% 15S.000
7,000
10134 101%
35,000
10134 102
102 10234 23,000
9,000
102J4 103
103 34 103J4 14,000
21,000
10334 104
10434 104% 32.000
91
92
36,000
96 % 97% 255,000
00%
99%
1,000
9934 99% 83,000
100
1 0 0 ^ 245.000
95
6,000
9434
1 0 0 % 10134 86,000
100
100% 134,000
42
41
9734
99
97
100 34
9334
87%
9931
90 H
94
8034
99 A
98 1 1
94 %
99 %
9734
60
103 %
10034
102
100%
100%

38
4034
90
94%
92%
99%
91
83
97 %
93 34
90
05
99
95
92
99%
94
59
ioo34
98%
92
99%
98%
98%
98%
90
75
9134
99
83
92%
94
9434
94 A
97%
67
97%
87%
91 %
99
96
91
93%
47
87
99%
99%
97%
97%
94%
94%
97
94%
92
97
100%
100
100%
100%
100%
100%
101%
89%
9334
95%
9834
100
91
99%
97%

May
June
Mar
Jan
Jan
Mur
Jan
Jan
J uno
June
July
' May
Fob
Juno
June
J illy
June
June
June
Jan
Mar
June
Mar
Mar
Mar
J une
July
July
June
Jan
June
Mar,
Jan
June
June
Jan
July
Jan
June
Mar
Jan
Feb
June
Apr
July
.Tune
June
Mar
Jan
Mar
Mar
June
May
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Feb
June
Juno
Jan
Jan
June
June
June
Jan

A ll b o n d p rlcoa u re “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ f . ‘

High.
60
41
97 %
09%
97%
100%
91%
89%
mi M
98 %
98
99 %
99%
98%
96%
102
91 %
70
105
101

102
101
101
101
102
98%
85
97
102 1,
93 %
97%
98%
99%

97%
101%
83
97%
94%
95%
100
99%

97
96%
70
88
99%
100%
99%
10 0 %
98%
98
102%
97%
96%
100%
102%
102
102%
103
103%
104
104%
95%
98
99%
99%
10 0 %
100%
101%
100%

Jan
July
July
July
July
July
July
Jan
Jan
Jan
Fob
Fob
July
July
M ay
Jan
July
Mar
July
June
July
July
July
July
July
Mar
Jan
July
Apr
May
Jan
Fob
July
July
July
June
July
Jan
May
July
Jan
May
Jan
Jan
July
July
July
July
July
July
May
Jap
July
Feb
July
Jan
Jan
July
July
July
July
July
Apr
Jan
July
Feb
June
Feb
July
July

June
J une
66
$1,000 -66
66
60
July
20,000
49% Jan
60
47% 10 ,0 0 0
42
Jan
Feb
50
1 0 % 025,000
Feb
10.% July
15
33
32% July
34% July
2,000
15
15
10,000
12' “ Jan
21 * Mar.
1134
1,000
1134 July
1134 July
15
15
12% Mar
6,000
19' ’ Apr
79%
Jan
8734)
87% July
8734 84.000
♦Odd lots, t No par value, t Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found, o New stock.
rUnli3ted. w When Issued, x Ex dividend. |/Ex rights. 2 Ex stock dividend.
X Dollars per 1.000 lire, flat. § Dollars per 1.000 marks, g Marks, k Correction.
60

66
60
47%
1034
3234
15
U34
14' ~
85%

New York City Banns and Trust Companies.
lianks— N Y
America*____
Amer Exch__
Atlantic_____
Battery Park _
Bowery*. __
Broad way Cen
Bronx Bor *_
Bronx N at__
Bryant Park*
Butch A Drov
Cent Mer can.
Chase _ _ . _
Chat A Phen.
Chelsea Exch*
Chemical____
Coal A Iron ..
Colonial*____
Columbia*__
Commerce___
Commonwealth*___
Continental _ .
Corn Exch*__
Cosmop’tan*.
E ast River__

Bid
165
228
215
150
425
115
105
145
145
140
185
207
245
75
435
215
350
150
211
210
120

All prices dollars
Ask
Banks
172 Irving Nat of
234
N Y ______
- —- . Manhattan *_
160 Mech A M et.
450 Mutual*.........
125 Nat American
125 Nat City___
155 New Neth*__
155 New York Co
150 New York__
195 Pacific*_____
307 Park________
255 ,Public_______
10 0 ^Republic*___
445 Seaboard__
225 Second______
_ State*_______
165 Tradesmen’s *
214 23d W a rd * ...
Union Exch__
220 United States*
130 Wash H’ts*_.
315 Yorkvllle*___
105
...
Brooklyn
925 Coney Island*
165 First________
860 Green point___
225 Homestead
200 Mechanics’ *__
255 Montauk*___
790 Nassau ______
300 North Side*..
500 People’s ______

308
90
170
F ifth A ven u e* 900
F ifth _________ 150
F irs t................. 840
G a r f i e l d ____ 215
Gotham_____ 195
Greenwich*. _ W )
Hanover_____ 770
Harrirnarj___ 350
Im p A T r a d .. 490
Industrial*. _ . 140
150
♦ Banks marked with (*) are State banka

per share.
Bid
Ask T rust C o .’s
New York
172
178 |American____
187
191 Bankers Trust
285
295 Central Union
490
510 Columbia___
145
Commercial..
315 'Empire _ __
308
150 .Equitable Tr_
140
130
140 Farm L A Tr_
400
415 Fidelity Inter
300
Fulton____ __
354
358 Guaranty Tr_
230
240 Hudson_____
Law Tit A Tr
245 Lincoln Trust
230
450
Mercantile Tr
217
227 Metropolitan200
Mutual (West
190
cheater __
165
175 N Y Life Ins
160
175
A Trust __
350
425 IN Y T ru st-..
425
Title Gu A Tr
U S Mtg A Tr
United States
145
155
215
230
Brooklyn
160
180 Brooklyn T r.
80
100 Kings County
87
95 Manufacturer
125
People’s ____
220

195
150

Bid
293
328
274
300
255
347
200

Ask
299
270
135
306
260
355
2 10

250
235
150
105
155
285
230

115
165
305
240

105

125

550
295
295
395
850

565
305
305
405
875

425
650
200

275

260
240

435
660
210

300

205

100

t New stock

x Ex-divldend . z/Ex-rlghts.

New York City Realty and Surety Companies
______________________A ll p rice s d o lla r s p e r s h a r e .
j
1

AUlan R ’ Jty..
Amer Surety.
Bond A M O .
Olty In vesting
Preferred

Bid
70
63

J95

50
75

Ask

Bid

mm-m\ Lawyers Mtge 100
67 (Mtge B ond..
75
205 Nat Surety. _ 174
N Y Title A
83
Mortgage
112

Ask
J 14

Quotations for Sundry Securities.

Range since Jan. 1.
Low.

Bid

(Realty Assoc
82 j (Brooklyn).
90
1 8 0
U S Casualty. 1 5 0
U S Tltl Ouar 70
116 West A Bronx
Title A M O 150

519

A sk
96
100
80
160

Bid.

Ask
S t a n d a r d O il S tock s/V ir
15%
Anglo American Oil now. £1 *15
A tlantic R e fin in g ________ 100 900 950
P r e fe r re d ______________ 100 1051H108
Borne Horyrnnor C o _______ 100 340 360
82
liu ok oyo Pipe Line O o — 60 ♦80
OheHehroiigh M fg n ew ___ 100 160 180
98
06
Preferred n ew _________100
C ontinental O il__________100 105 108
28
Crescent Pipe Line C o ____ 60 *26
Cum berland Pipe Lino___ 100 11 5 120
77
80
Eureka Pipe Line C o ____ 100
34.
G alena Signal Oil c o m ___ KM) 32
94
00
Preferred o ld __________100
90
Preferred new _________ 100 87
Illinois Pipe L in o............... 100 150 164
78
Indiana Pipe Line C o _____ 60 *74
International P etrol.(n o par) *10% 11
N ational Transit C o ___12.60 •22% 23%
Now York T ransit C o ___100 140 145
87
90
N orthern Plpo Line C O --100
Ohio OH C o ............................ 26 ♦248 253
•19
22
Penn M ex Fuel C o ______ 26
Prairie Oil A G a s............... 100 425 430
Prairie Pipe L in o_________100 187 190
Solar R e fin in g ................ -.1 0 0 330 350
80
82
Southern Pipe Line C O --100
South Penn O il___________100 178 385
57
00
Southwest Pa Pipe Lines.100
75
Standard Oil (C aliforn ia). 25 *73
Standard Oil (Indiana) - - 26 ♦07% 67%
Standard Oil (K a n sa s)___100 525 540
Standard Oil (K en tu ck y) .100 385 395
Standard Oil (N ebraska) 100 155 165
Standard Oil o f N ew J er. 26 133 137
P r e fe r re d ______________ 100 1061s 107
Standard Oil o f N ew Y 'k .1 0 0 317 320
Standard Oil (O h io )_____ 100 360 380
P r e fe r r e d ______________ 100 zl07 n o
30
35
Swan A F in ch ____________ 100
85
95
U nion T a n k Car C o _____ 100
_
97
P r e fe r re d ______________ 100
Vacuum O il______________ 100 265 270
30
W ashington O il......................10 *25
O th e r O il S to c k s
85
Im perial O il............................25' *83
M agnolia Petroleum ____ 100, 125 130
M erritt OP C o r p _________ 10j *7% 7%
20
M exican Eagle O il______
5j *17
M idw est R e fin in g _________ 60 *125 135
T o b a c c o S to c k s —
70
76
A m erican Cigar co m m o n . 100
78
83
P r e fe r r e d ______________ 100
A m er M ach in e A Fdry__10G 125 150
Am erican T o b a c c o scrip ------ 103% 105%
B ritish-Am er T o b a o o r d _ .£ l *11^4 12%
B rlt-A m er T o b a c . b e a r e r ..£3 *11% 12is
15
C onley F oil ( n e w ) . ..n o par *13
H elm e (G eo W ) C o , c o m . 100 150 160
94
P r e fe r re d ______________ 100 90
*834 9
Im perial T o b o f G B & I r e . .
Johnson Tin F oil A M e t . 100 90 100
90
85
M acA n drew s A F o r b e s. .1 00
83
P re fe r re d ______________ 100 78
60
70
P o rto R ican-A m er T o b . .1 00
76
83
Scrip
73
R eyn old s (R J) T o b a c c o . 25 *65
*34
36
B com m on s t o c k ._____ 25
98 100%
P re fe r re d ______ r.______ 100
SO 96
T o b a c co P rod C orp scrip -----W eym an -B ru ton C o , comlOO 155 165
90
93
P re fe r re d ______________ 100
70
90
Y ou n g (J S ) C o . ............... 100
90
93
P re fe rre d ______________ 100
and prices)
R u b b e r S to c k s
Firestone T ire & R u b , com 10 *62% 65
80
85
preferred___________100
70
p r e f e r r e d . _______100
G e n ’l T ire A R u b , c o m — 100 ___ 190
85
P re fe r re d ______________ 100 75
1234 13%
G oodyear T ire A R , com .100
29% 31
P r e fe r re d ______________ 100
5S
M iller R u b b e r_____ ______ 100
62
72
Preferred
65
SO
M oh a w k R u b b e r________ 100
Portage R u b b e r, c o m ____ 100 ___ 10
5
10
P re fe rre d ______________ 100
40
Swinehart T ire A R , c o m . 100 —
S u ga r S tock s
20
Caracas Sugar_____________ 5u *18
59
Cent Aguirre Sugar c o m ..2 0 *56

(Cleve

6%
7%

Central Sugar Corp. (no par)
Preferred _ _
__ 100
Cupey Sugar common__ 100
Preferred_____________ 100
Fajardo Sugar _
. __100
Federal Sugar Ref, co m .-100
Preferred________ ____ 100
Godchaux Sug Inc__(no par)
Preferred _ __________ 100
Great Western Sug, com .100
__
__ 100
Preferred.Holly Sug Corp, com (no par)
Preferred___________ _100
Juncos Central Sugar___ 100
National Sugar Refining. 100
Santa Cecilia Sug Corp, pflOO
Savannah Sugar, com (no par)
Preferred____________ 10 6
West India Sug Fin, com. 100
Preferred____________ 100
Industrial & Miscellaneous
Am erican Brass__________ 100
Am erican H ardw are_____ 100
Am er T y pefou n ders, com.lOOj
__________ 100
Preferred
Bliss (E W ) C o , n e w ..n o par.
P re fe rre d ______ _______ 60
Borden C om p an y, com __100
P re fe r re d ..........................100
C elluloid C o m p a n y _____ 100

Childs Co co m _______ *.100
Preferred. ___ ____ .100
du P o n t(E I) de N em AColOO

Debenture stock ____ 100
Havana Tobacco C o ____ 100
Preferred _____________ 100,
1st g 5s, Time 1 1922.. JAD
International Salt______100
1st gold 5s, 1961___ AAO
International Silver, pref.100
Lehigh Valley Coal Sales.50
Phelps Dodge Corp______100
Royal Baking Pow, com. 100
Preferred_____________ 100
Singer Manufacturing__ 100
Singer Mfg, Ltd............. _£1

*% 2
3
10
70
90
65
75
53
57
90
93
90
95
20
*15
50
5S
120 140
97 103
8
1,
40
45
50 100
102 105
10
25
*10
20
30
40
175 225
68
73

150 155
125 130
38
43
78
83
*20
25
*50
60
95
97
85% 87%
1 0 1 103
90
88
97 J00
n o 118
67
68%
1
2
4
6
/45
50
7*8 7%
41% — — — —
/66
68
*83
89
65
68
145 155
68
75
73
77
*90
92
♦2
2%

RR. Equipment*— P e r C l . But U
Baltimore A Ohio 4 A n ______
7.25 |0.76
Buff Rooh A Pltcdburgh 4.'An 6 75 0.36
Equipment 4 h____________
0.87 0.36
Equipment 6 b____________ 0.87 0.36
Canadian Pacific 4 A n A Os.. 7.25 0.40
Caro CUnohfloId A Ohio 6 0 - - 8.00 / 00
<tontrill of Georgia 4 A h ____ 7.60 0.76
Chesapeake A Ohio 6 A n ____ 0.75 0.40
Equipment 6 h ___________ 7.00 6.60
Chicago A Alton 4 A n . 0b
8.50 7.60
8.75 7.60
Chicago A Eastern ill c >An~7.25 0.75
Chlo Ind A LouIbv 4 A n ___
Ohio St LouIh A N O 6 b__ _
7.16 0.60
Chicago A N W 4 A n ______
7.00 0.60
0.76 0.35
Eq»iiprnent 6 A n
__
7.76 700
Chicago R 1 A Poo 4 A n , 6 fi
Colorado A Southern 6 0 ____ 8.00 7.00
8.00 7 J2
Erie 4 A n , 5$ A <>h ___ .
Hocking Valley 4 A n , 6 a ____ 7.37 0.75
7.00 0.50
Illinois Central 6 a ___________
7.00 0.50
Equipment 4 A n _________
Equipment 7 b A 8 A n ____ 0.75 6 37
7.50 0.76
Kanawha A Michigan 4 A n ~
Louisville A Nashville 611 ____ 7.00 6.50
0 7 6.40
Equipment 6 A a _________
6.70 6.35
Michigan Central 5a, 0a_____
Minn St P A S S M 4 M 8 A 6 b 7.26 6.76
7.37 6.60
Equipment 6 1 2 a A 7s_____
Missouri Kansas A Texas 6 a. 8.00 7.00
Missouri Pacific 6 0 __________ 7.75 7.00
Equipment
__________ 7.25 6.50
7.50 6.65
Mobile A Ohio 4 A n , 5 a_____
New York Cent 4 A n , 6 a____ 7.00 6.40
Equipment 7 s ___________ 7.00 6.40
N Y Ontario A West 4 A 9 ___ 7.75 7.00
7.00 6.40
Norfolk A Western 4 A n ____
6.75 16.40
Northern Pacific 7a________
680 6.40
Pacific Fruit Expresa 7s____
7.00 6.50
Pennsylvania RR 4 A n ______
7.00 6.50
Equipment 4s____________
6.75 0.40
Pittsburgh A Lake Erie 8 A n .
7.00 6.50
Rending C o 4 A n ____________
St Louis Iron M t A Sou 5 a .. 7.75 7.00
St Louis A San Francisco 5 3 - 7.75 7.00
Seaboard Air Line 6 a______ _ 7.50 7.00
Equipment 4 A n __________ 7.75 7.00
Southern Pacific Co 4 A n ____ 7.00 6.50
0.70 6.37
Equipment 7s........... ..........
7.37 6.75
Southern Railway 4 A n .........
7.37 6.75
Equipment 5s____________
Toledo A Ohio Central 4 a . .. 7.50 6.70
6.70 6.35
Union Pacific 7a____________
7.12 8.60
Virginian Ry 6 s__________

P ublic Utilities
Amer Gas A Eleo, com__ 60 *102 104
Preferred______________ 50, *36% 37%
85
Amer Lt A Trac, com____100 83
79
Preferred__________ _ . 100, 76
52
54
Amer Power A Lt, co m ..100
64
Preferred.................. ..100! 62
7
10
Amer Public Util, com__ 100,
18
Preferred_____________ 100 15
3% 4
Amer Wat Wks A El_____100!
48% 49%
1 st preferred_________ 10 0
7% SJ2
Participating pref_____100
5s, 1934_____________AAO 5612 57%
29
Carolina Pow A Lt, com . 100 25
Cities Service Co, com__ 100 118 121
43
Preferred_____________100 42
6
7%
Colorado Power, com — 100
75
Preferred_____________100 70
11
Com’ w’th Pow, Ry A Lt.100 10
30%
Preferred_____________100 30
82%
Elec Bond A Share, pref. 100 80
6
7
Federal Light A Traction.100
45
Preferred_____________ 100 41
78
Great West Pow 5a 1940.JAJ 76
12%
Mississippi Rlv Pew, com 100 11
65
Preferred_____________ 100 63
First Mtge 6 s, 1951— JAJ 77% 78%
91%
90
S f g deb 7s 1935.. MAN
6
Northern Ohio Elec, (no par) ♦3
11
17
Preferred_________ ...1 0 0
41
North’n States Pow, com. 100 36
80
Preferred_____________ 100 75
78
North Texas Eleo Co,eoml00 74
72
Preferred______ ______ 100 69
81
Pacific Gas A El, 1st pref-100 79
18
Puget Sound Pow A Lt-.lOO ie
Preferred .............
100 7 1% 73
4
6
Republic Ry A Light------100
14
Preferred_____________ 100 1 1
92%
94
South Calif Edison, com . 100
Preferred_____________ 100 99 101
Standard Gas A El (D e l)..50 *7% 8%
34
Preferred______________ 50 *31
% 1%
Tennessee Ry, L A P,com 100
3% 5
Preferred____ _________ 100
22
United Lt A Rys, com — 100 21
58
60%
1 st preferred--------------- 100
25% 26%
Western Power Corp----- 100
71
Preferred_____________ 100 70
Short Term Securities—Pe Cent
90
Am Cot Oil 6 s 1924..M AS2 89
97%
Amer Tel A Tel 60 1924.FAA 97
98% 99%
6 % notes 1922______AAO
Amer Tobacco
7% notes 1922...........MAN 100 100%
7% notes 1923______MAN 100 100%
AnacondaCop Min 6s?29. JAJ 88% 88%
9338 93%
7s 1929 Series B_____JAJ
Anglo-Amer Oil 7H s’25 AAO 100% 100%
Arm’r ACo7a July I5’30 JAJ15 9b% 96%
Deb 6 s J’ne 15 ’22 .JAD15 98% 99%
Deb 6 s J’ne 15 ’ 23 _JAD15 96% —___
Deb 6 s J’ne 15 *24 .JAD15 15
Beth St 7s July 15 ’22.JAJ15 99% 99%
7% notes July 16 '23 JAJ16 98% 98%
Canadian Pac 6 s 1924.MAS2 97
97%
Federal Sug Ref 6 s 1924MAN 95% 96%
Goodrich(B F)Co 7s’26.AAO 89% 90
93%
Hocking Valley 6 s 1924.MAS 92
82
Interboro R T 7s 1921..MAS 80
K C Term Ry
98
6 s Nov 15 1923— MAN16
9812
91
Laclede Gas 7s Jan 1929 FAA 90
6734
Lehigh Pow Sec 6 s 1927.FAA 67
LlggettAMyersTob6fl’21 JAD 99% 10 0 %
97
Pub Ser Corp N J 7s '2 2 .MAS 96
86
Sloss Sheff S A I 6 s ’29. _FAA 83
Southern Ry 6 s 1922— MAS 97% 9738
99% 100
8 wlft A Co 6 s 1921 — FAA15
7% notes Oot 15'26 AA016 97% 97%
Texas Co 7s 1923______MAS 99% 9978
U S Rubber 7 An 1930..F A A 100 100%
Utah Sec Corp 6 s ’ 22.MAS16 89% 90%
West Eleo oonv 7a 1925. AAO 100% 10078

♦ P er ahare. 6 Basle, d Purchaser also pays accrued dividend
t N ew stock ]!
'F l a t price. fcL aataule. n N o m in a l.
E x-dlvlden d .
E x-righ ts.

%

y

Juuestraeut and Railroad

520

RAILROAD GROSS EARNINGS
TUt) following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
e a u b e obtained.
The first two columns of figures give the gross earnings for the latest week or m onth, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or m onth.
The returns of the electric railways

are brought together separately on a subsequent page.
Latest Gross Earnings .
ROADS.

Week of
M onth .

A labam a & V ickab. M a y
A mi A r b o r _____ , - - 3d wk
A tch T op ek a &; S Fe June
G u lf C o lo St S F e . M a y
Panhandle S Fe
M ay
A tlan ta B irin & A t l. M a y
A tla n ta St W est Pt_ M a y
A tla n tic C it y _____ June
A tla n tic C oast L in e. J u ne
B altim ore & O h io .- J une
B Sc O C h ic T erm M a y
B angor & A roostook M a y
B ellefon te C entral - _ A pril
Belt R y o f C h ic a g o . M ay
Bessem er & L Erie M a y
B ingham St G arfield M a y
B oston & M a in e ___ June
B klyn E D T e r m ___ J une
B u ff K och Sl Pittsb 3d wk
B u ffalo & S u sq _____ M a y
C anadian N a t R y s . 3d w k
C an adian P a c ific ___ 3d w k
C aro C linch & O h io . June
C en tral o f G e o r g ia .. June
C entral R R o f N J . . J une
t ent N ew E n g la n d . June
C entral V erm on t___ M a y
C harleston & VV Oar J une
c 'hes & O h io L in es, _ June
C h icago & A lt o n .. M a y
( hie Burl & Q u in cy . J une
Chicago & East til
M ay
Chicago Great West M a y
Chic la d & Lonisv . _ June
Chicago Junction... June
C hic Milvv & St Paul June
Chic & Nortii W est- June
C hic Peoria & St L_ M a y
Chic K 1 & P acific__ J une
C hic R 1 & G u lf. _ June
C hic st P M & Om_ June
Chic Terre 11 & S E M a y
Cine Ind & Western June
C olo & Southern---- 2d w k
Ft W & Den C ity . M a y
Trin & Brazos Val M a y
W ichita Valley _ - M a y
Curnb Val & M a rt’g June
Delaware & Hudson June
Del Lack & Western June
D env & R io Grande M a y
Denver & Salt Lake M a y
Detroit & M ackinac June
D etroit Tol & Iron t- June
D et & T ol Shore L__ M a y
D ul & Iron R a n g e .. M a y
D ul M issabe & N o r . June
D ul Sou Shore & Atl 2d w k
Duluth Winn & Pac M a y
East St Louis Conn_ June
Eastern SS Lines___ June
Elgin Joliet & E ast- M a y
El Paso & Sou West June
Erie R ailroad______ June
Chicago & E rie_. June
N J & N Y H R ___ June
Florida East C oa st. M a y
Fonda Johns & G lov M a y
Ft Smith & Western M a y
Galveston W h arf___ M a y
Georgia R ailroad.
M ay
Georgia & F lo r id a .. M a y
Grand Trunk S yst. _ 3d w k
A tl & St Lawrence M a y
C h D e tC a n G T J ct M a y
D et G H & M ilw . M a y
Grand Trk W est. M a y
Great N orth System June
Green B ay & W est. M a y
Gulf M obile & N o r . M a y
Gulf & Ship Island _ M a y
Hocking V alley____ M a y
Illinois C entral____ June
Internal & Grt N o r . M a y
Internat R y in M e . . M a y
Kan C ity M ex & Or M a y
K C M ex & O o f Tex M a y
Kansas C ity South. M a y
Texark & Ft Sm_ _ M a y
Kansas C ity T e rm . _ M a y
K an Okla & G u lf___ M a y
Lake Sup & Ishpem M a y
Lake Term R y _____ June
Lehigh & H ud River M a y
Lehigh & New E n g . June
Lehigh V alley_____ June
Los Ang & Salt Lake M a y
Louisiana & Ark an June
Louisiana R y & N av M a y
Louisville & N ashv. June
Louisv Hend & St L M a y
M aine Central_____ June
M idland V alley____ June
M ineral R ange_____ 2d w k
M inneap & St Louis 3d wk
M inn S t P & S S M . M a y
Mississippi C entral. June
Missouri K an & Tex June

July

July
July
July

July

July

July

J u ly
July

Current
Year .

J a n - 1 to Latest Date.

Previous
Year ,

$
256.912
271,734
103,126
121,319
14850226 16321964
2.453,118 1.881,229
601,241
678.472
238,127
478,971
217,585
228,411
448,788
410,451
4,938,183 5,453,071
16316024 17584907
193,483
120,011
533,947
581.914
7,964
4,955
242,099
4L5.300
1,161, L98 793,222
12,865
169,030
6 ,440,900 7,649,897
96,104
104,131
249,146 470,911
163,980
224,375
2.267,581 2 ,222,500
3 ,363,000 3 ,648,000
609,084
589,747
1,941,431 2,055,224
4,426,927 4,271,777
658,682
684,373
558,816
638,460
247,682
295,139
8 ,5 6 4 ,7 1 l 7,089,677
2.455,398 2,200,266
13343 056 14761 245
1,983,645 2,044,554
1.934,209 1.655,241
1,286,638 1,327,997
254,671
418,833
12353 001 13844 179
11864 180 13459532
140,218
157,451
11106 855 7,99 9,22 9
646,319
536,908
2 ,145,519 2,517,706
371,267
383,872
361,119
288,806
485,924
564,029
822,902
975,150
136,299
218,327
116.105
100.438
61,830
147,896
3,723,607 4 ,212,873
7 ,566,132 6,596,671
2,390,573 2,923,986
194,976
200,427
162,715
177,362
408,574
713,527
165,899
206,589
541,397 1,328.946
1,993,538 3,10 9,52 0
129,529
81,279
183,680
140,391
125,884
110,630
615,750
526,480
1,366,269 1,770,149
1,025,721 1,237,353
8,112,296 8,845,451
748,409 1,089.729
104,864
124,023
1,158.339 1,115,701
113,309
127,003
141,418
146.301
118,177
225,444
532,682
408,548
101.438
106,891
1,889,699 2 ,387,118
214,53b
249,599
89,336
148,695
280,138
278,500
1.285,777 1,804,103
8,448,603 10508338
101,242
101,684
311,498
328,827
235,211
262,390
1,302,738 1,000,681
11404594 11179188
1,784,091 1,240,542
175,247
157,540
167,550
115,785
122,722
201.302
1,663,915 1,574,483
165,802
170.232
121,758
103,805
193,042
154,700
221,888
19,528
115,867
94,004
261.279
276,006
385,048
431,182
6 ,579,734 5,946,068
1,563,705 1,748,446
302,041
264,640
304,914
300,120
9,829,545 10125618
243,478
232,160
1,595,842 1,853,667
4 00,660
320,813
14,125
2,199
290,689 v 347,563
3,084,886 3,751,382
70,974
97,199
2,670,216 3,251,406

Current
Year.

Previous
Year.

$
$
1.351,012 1.395.713
2,536,691 2,632,367
8 9,200,128 9 9,492,068
11,573,277 10.366.794
3,395,740 3.26 7.21 5
1 2.401.751
1,048.717 1,241,847
1,865,232 1,854,074
36,615,406 36,918,935
96,230,951 99,786,722
1,013,214
823,736
3.337,176 2,715,241
25.904
30,170
2,04 6,20 5 1,554,249
4.26 6,82 2 3 ,646,553
751,569
95,069
37,149,810 38,412,980
661,067
471,623
8 ,10 1 ,9 1 5 11,496,739
905,198 1,131,011
56,528,010 51,721,278
9 2,478,000 101845000
3 ,581,720 3,393,461
11.132,682
25,149,836 20,876,340
4,109,667 2,885,141
2,553,601 2,566.715
1,698,092 1,734,860
41,883,146 38,886,264
11,886,993 10,669.533
78,397,916 84,615,664
10.748.971 11.293,306
9,655,292 9 ,088,600
7,313,188 6 ,984,955
2,461,410 1,498,418
67,769,580 76,274,334
67,606,358 72,837,338
796,029
933,355
6 2,313.356 62,120,995
3,56 8,39 5 3,185,681
13.046.971 14,911,120
1,988,978 1,959,880
1,697,748 2.048,122
13,147,016 14,790,520
4,419.401 4,90 0,65 9
1,068,711
7 39,680
684,536
722.190
732,957
347,363
22,411,256 18,720,723
42,2 79 ,9 85 34,767,373
12,382,259 14,414,891
907,454
863,171
881,394
916,794
3,033,072 2,241,886
951,079
825.313
1,426,728 1,963,070
4,49 7,11 7 5 ,982,853
2,423,543 2,663,250
1,271,412
978,579
808,486
607.606
1,874,933 1,619,825
9 ,103.223 8,80 5,92 0
6,003,017 7,038,934
49.596,485 45,619,293
5,325,183 5,366,889
719,990
594,630
7,420,791 6,318.081
557,666
549.744
804,445
732,755
1,045,322
516,747
2,22 4,07 0 2,639,869
563,465
548,520
1,418,471
833,720
1,433,702
5,588,437
41,903,787
583,382
1,743,308
1,166,210
4,86 0,01 0
68,876,746
8 ,012,700
1,450,068
717,273
881,881
8 ,365,128
940,598
638.512
1,004,951
47,828
697,619
1,325,466
2,210,735
36.842,040
8,205,637
1,683,880
1,571,985
57,604,139
1,188,582
10,476,772
2,25 1,29 8
195.513
8,632,329
16,097,584
513,415
16,004,242

1,221,285
648,161
1,587,212
5,71 1,22 4
54,949,140
503,786
1,465,490
1,181,538
5,094,237
65,780,013
6,752,311
1,374,040
625,980
682,152
7,229,952
827,101
578,844
959,457
250,264
610,484
946,612
2,082,486
31,082,745
7 ,568,010
2,021,055
1,633,171
59,546,792
1,228,222
9,159,347
2,281,691
360,054
8,781,770
17,257,664
454,542
18,507,913

Jan . 1 to JMtest Date+

Latest Gross Earn ings.
HOADS.

Week or
Month,

M o K & T R y o f Tex M a y
M o & N orth Arkan. M a y
Missouri Pacific. _
June
M obile & O h io__
3d wk
Colum & G reeny. May
M onongahela.
June
M onongahola Conn J une
M on tou r________ _ June
N ashv Chatt & St L J une
N evada-! Jalif-Ore _ 2d wk
Nevada Northern . _ M a y
Newburgh & Sou Sh June
New Oil Great N or. June
N O Texas & M exico M a y
Beaum B L & W_ _ M a y
St L Browns & M M a y
N ew York C entral. _ June
Ind Harbor Belt- M ay
Lake Erie & West J une
M ichiga n (lenfral J une
C love C C & St L J une
Cincinnati North _! M a y
Pitts & Lake Erio June
T ol & Ohio C en t. June
Kanawha & M ic h .. June
N Y Chic & St Louis M a y
N Y Connecting__ June
N Y N 11 & 11art f
June
N Y Out & Western June
N Y Susq & W e s t .. M a y
N orfolk Southern. _ J une
N orfolk & W estern- June j
Northern P acific___ .1uno
Northwestern Pac__ M a y
Pennsylv R R & C o . June
Balt Ches & A tl. _ June
Cine Lob & Nor__ M a y
Grand Rap & Ind M a y
Long Island_____ June
M ary ’d Del & V a . June
N Y Phila & N orf June
Tol Poor & W est- M a y
W Jersey & Seash June
Pitts C O & St L . June
Peoria & Pekin U n . June
Pere M arquette____ M a y
P erk iom en ________ June
Phila & Reading___ June
Pittsb & S haw m ut-. M a y
Pitts Shaw & North June
Pittsb & West Va__ J une
Port Reading______ June
Quincy Om & K O _ _ M a y
Rich Fred & P otom . M a y
R u tla n d ___________ June
St Jos & Grand Isl’d June
St Louis San F ra n .. M a y
F t W & R io Gran M a y
St L-S F o f Texas M a y
St Louis Southwest. June
St L S W o f Texas M a y
T otal system ____ 3d w k
St Louis Transfer. _ M a y
San A nt & Aran Pass M a y
San A nt Uvalde & G M a y
Seaboard A h L in e .. M a y
Southern P acific___ M a y
Southern P a cific___ June
A tlantic SS Lines. June
Arizona Eastern. J une
Galv Harris & S A M a y
Hous & Tex C ent- M a y
Hous E & W T e x . M a y
Louisiana Western M a y
M org La & Texas M a y
Texas & New O rl. M a y
Southern R a ilw a y ._ 3d w k
Ala Great South M a y
ern N O & Tex P_ M a y
Georgia Sou & Fla M a y
N ew Orl & N or E_ M a y
N orthern A la ____ M a y
Spokane Internat. _ M a y
Spok Portl & Seattle M a y
Staten Island R T__ June
Tenn Ala & Georgia 3d wk
Tennessee Central. _ M a y
Term R R Assn o f StL M a y
St L M er Bdge T_ June
Texas & P acific____ 3d w k
T oledo St L & W est M a y
Ulster & D elaw are. _ June
Union P a cific______ June
T otal system ____ June
Oregon Short Line June
Ore-Wash R R & N June
Union R R (Penn)__ June
U t a h _______________ M a y
Vicks Shrev & P a c. _ M a y
Virginian Railroad. June
W abash R R _______ June
W es tern M ary land _ 3d w k
W estern P acific____ M a y
Western R y o f A la . _ M a y
Wheel & Lake E rie. June
W ichita Falls & N W M a y
Y azoo & M iss Valley M a y

July

July

July
•

July

July

July

July

Current
Year.

Previous
Year,

$

%

2,037.178 1,961,943
96,502
138,168
8,584,383 9,402,991
331.026
321,995
112,718
128,225
307,339
290,011
249,250
51,769
150,066
144,361
1,612,637 2,004,493
9,360
6,681
16,579
163,437
139,664
99,775
217,40.1
205,514
182,138
191,904
193,266
139,544
452,922
711,439
27866455 29895911
712,299
571,369
774,518 1,047,493
6,331,524 7,283,799
6,942,887 7,097,044
302.512
267.566
1,639,71 1 1,910,266
922,950 1,072,020
458,242
426,579
2,192,423 1,835,520
330,484
9,772,686 10486 550
1,323,626 1,165,234
331.229
413,761
7 0 4 ,I62
621,421
7 ,050,018 (>,285,821
7,408,685 8 ,622,238
730,616
642,536
43268215 43970502
156,935
122,034
91,191
107,741
682,222
521,128
2,792,777 2,434,762
113.032
105,232
621.099
630,942
127,824
153,365
1,105,932 1,084,878
7,942,574 8,040,874
125,120
107,164
3,088,511 3,198,718
83,035
105,195
7,215,001 7,021,784
81,552
135,487
96,683
108,627
174,199
193,714
157,734
72.357
103,894
103,764
925,815
859,993
484,662
464,751
254,390
254,069
6,343.077 6,945,326
134,898
145,782
139,444
131,122
1,351,086 1,699,607
569,532
683,730
404,614
644,591
93,140
90,107
328,316
490,635
131,456
155,403
3,369,367 3,903,663
15593883 15784821
17131779 18080938
4 16,605
761,679
359,241
180.729
1,862,578 2,026,443
866,310
955,846
255,002
211,959
165,473
414,624
740,579
803,097
729,147
613,653
3,145,189 3,886,722
844,677
705,161
1,506,502 1,487,727
378,187
343,811
566,476
505,951
120.399
64,535
106,672
112,725
577,886
609,303
216,248
216.099
3,124
4,346
174,118
247,973
349,733
360,817
274,955 313,566
597,764
754,545
746,767
939,749
121.538
164,408
8,785,175 9 ,854,262
13854644 15904362
2,621,958 3 .345.839
2,447,510 2,704,259
859,255 1,128,062
82.632
111,206
343.869
329,691
2,004,240 1.370,536
4,738,969 4 ,868,935
354.941
378,551
965.942 1.152,098
215.032
222,423
1,484,822 1.481.840
173,278
218,613
1,501.315 2,388,805

Current
Year.

Previous
Year,

%

$
11,201.478
770,547
54,400.768
9.546,820
785,813
1,712,846
1,513,167
551,273
11,795,260
148,105
768,424
771,826
1,231,718
943,852
844,766
3,108,766
1630827383.09 3.20 6
5,218.968
39,1 23,639
39,875,873
l ,265,007
13,139.352
5,247,549
2,258,840
9,98 0,90 4

11,182,314
473,458
52.400,955
10,203,854
673,554
1,885,173
370,064
803,784
10,096,138
165,569
193,297
648,942
1,260,648
1,175,650
97-4,026
2 .604,225
157526612
3,680.431
4 ,454,359
34.484,225
39,593,766
1,384,618
12,360,145
4 ,994,529
2,280,863
10,91 1,061
1,783,733
55,055.001
6 ,479,855
1,698,449
3 ,931,406
39,191,070
40,4272221
2,856,219
248584923
719,258
436,362
3,468.370
12,767,134
539,665
3 ,072,356
696,696
5,543,977
48,177,641
830,611
13,812,562
646,297
42.321.725
535,359
596,211
950,071
1,206,703
519,118
4,605,130
2,794,642
1,510,122
33,544,308
687,321
701,646
8,294,988
3,019,126
13.169.725
478,015
2,288,935
522,541
19,121,500
74,835,559
91,967,338
5,149,519
1,586,998
10,898,945
4,997,036
1,112,980
1.799,120
3,725,762
3,504,154
91,814,317
3,951,31?
7,426,930
1,889,395
2.786,577
381,130
531,576
2 .851,728
1,197,108
66.070
982,349
1,830 212
1,742,584
19,543,119
3,617,535
684,579
48,705,977
77,848,643
15,652,677
13,489,989
4,98 5,18 4
501,569
1,707.372
9,596,649
28,832.268
10,075,919
4 ,592,600
1,009,713
6,748,924
972,400
8,481,474

55,310,150
5.34 8,25 6
1,648,304
3,85 6,07 9
3 8,304,273
51,027,769
2,684,094
234250095
626,931
439,785
3,440,167
10,666,610
500,816
3,50 9,85 3
825,540
5,187,791
51,309,264
7 51,949
14,262.165
555,423
41,209,810
643,829
675.832
919,978
843,712
521.831
4 ,726.083
2 ,600,647
1,521,146
34,974,331
787,268674,507
9,702,735
3,502,591
15,549,491
543.754
1,796,115
611,781
20,706,939
71,722,292
89,8 13 ,2 30
2 ,74 1,98 6
2 ,004,392
9 .846.860
4 ,408,949
1.195.860
2,114,414
4 ,119,923
3,818,801
103111007
4 ,19 5,03 2
7 ,730,699
2 ,250,160
2 ,991,069
6 33,425
604,348
3 ,21 5,07 3
1 ,040,427
97,593
1,194,501
1.729,759
1,778.682
21,612,409
4 ,298,056
577,616
56,329,591

92 , 882.262
2 0,7 58 ,8 48
15,793.822
4 ,44 0,95 6
713,770
1 .88 1,93 5
7,24 3,91 6
25,7 87 ,1 69
8 ,68 1,29 3
5 ,275,300
1,14 9.89 8
7,109.361
1,085,479
l l.S 4 t .6 4 0

AGGREGATE GROSS EARNINGS— Weekly and Monthly.
*Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

w eek
w eek
w eek
w eek
w eek
w eek
week
w eek
w eek
w eek

M ay
M ay
M ay
June
June
June
June
J u ly
J u ly
J u ly

(19
(19
(20
(20
(19
(18
(13
(15
(18
(16

ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
r o a d s )____
r o a d s )____
ro a d s )____
ro a d s )____
ro a d s )____

Current
Year.
$
12,519,005
12.840,249
17,266,158
12,659,519
12,973,712
12,977,363
15,455,421
12,479,200
13,432,807
12,990,868

Previous
Year.
$
14,283,332
14,192,371
19,814,490
14,148,035
14,544,922
14,424,221
17,296,277
14.080,532
15,289,104
15,197,225

Increase or
Decrease.
-1,764,327
-1,352,122
-2,548,332
-1,488,516
-1,571,210
-1.446,858
-1,840,856
-1,601.332
-1,856.297
-2,206,357

♦ W e no longer include M exican roads in any o f our totals.

%
12.35
9.53
12.86
10.52
10.80
10.03
10.64
11.37
12.14
14.52

*Monthly Summaries.
Curr.Yr. Prev.Yr.
Mileage.

A u g u s t____ . 1 9 9 , 9 5 7
S e p te m b e r- - 2 2 6 , 9 5 5
O cto b e r____ - 2 3 1 , 4 3 9
N o v e m b e r _ _ 2 3 5 ,2 1 3
D e ce m b e r. _ . 2 2 9 , 4 2 2
January ___ - 2 3 2 , 4 9 2
F ebru ary _ _ - 2 3 5 , 6 5 3
M a rch _____ - 2 3 4 , 8 3 2
A p ril _____ . 2 2 0 , 3 4 0
M a y _______ . 2 3 5 , 3 3 3

1 9 9 ,4 IS
2 2 4 ,9 2 2
2 2 9 ,9 3 5
2 3 3 ,8 3 9
2 2 8 ,1 3 4
2 3 1 ,5 1 3
1 4 ,5 1 0
2 3 3 ,8 3 9
2 1 9 .7 4 3
2 3 4 ,9 1 6

Current
Year.
$
4 4 1 ,4 2 3 ,1 5 8
5 9 4 ,1 9 2 .3 2 1
6 3 3 ,8 5 2 ,5 6 8
5 9 2 ,2 7 7 ,6 2 0
5 3 9 ,1 9 7 ,6 1 5
4 6 9 ,7 8 4 .5 4 2
4 0 5 ,0 0 1 .2 7 3
4 5 6 ,9 7 8 .0 4 0
4 1 1 .2 7 9 , 8 3 1
4 4 4 .0 2 8 .8 8 5

Previous
Year.
s

3 6 7 .8 6 5
4 8 0 .4 0 8
5 0 3 .2 8 1
4 3 8 ,0 3 8
4 4 3 .1 2 4
5 0 3 .0 1 1
4 2 4 .1 7 2
4 5 8 .4 6 2
3 8 1 .1 1 2
4 5 7 .2 4 3

I ncrease or
Decrease.

or0

$
628
546
630
048
176
129
348
330
844
216

4 -7 3 ,5 5 7 .5 3 0 1 9 .9 8
- j - 1 1 3 7 8 3 7 7 1> 2 3 .6 8
+ 1305 70H 3S 2 5 .9 4
4 - 1 5 4 2 3 9 5 7 2 3 5 .2 1
4~ 9 6 ,0 7 3 , 4 8 9 2 1 .6 8
6 .6 0
; ; 526 5 8
4 .5 2
— 4 9 .1 7 1 .0 7 5
1 .4 8 8 ,3 9 0 0 0 .8 2
: 9i
4 -3 0 .1 6 6 .9 8
• 89
1 3 . 2 1 4 .3 3 1

J u l y .‘ 10 1021.]

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
follows wo sum up separately tho earnings for the third week
of July. The table covers 16 roads and shows 14.52%
decrease in the aggregate over tho same week last year.
Third Week of July.

1921.

A n n A r b o r _____________________________
B u ffa lo R o c h e s te r & P itts b u r g h C a n a d i a n N a t i o n a l R y « .................. ...
C a n a d ia n P a c i f i c ___________________
G r a n d T r u n k o f C a n a d a ________
G r a n d T r u n k W e s t e r n . _____
D e tr o it G r a n d Ila v & M ilw _
C a n a d a A t l a n t i c _______________
M i n n e a p o l i s & S t L o u i s __________
I o w a C e n t r a l _____________________ /
S t L o u i s S o u t h w e s t e r n ___________
S o u t h e r n R a i l w a y __________________
M o b i l e & O h i o _____
__________
T e n n e sse e A la b a m a & G e o r g ia . _
T e x a s & P a c i f i c _____________________
W e s t e r n M a r y l a n d __________________
T o t a l ( 1 6 r o a d s ) ____________
N e t d e c r e a s e ( 1 4 . 5 2 % ) _____

$

1920.

1 0 3 .1 2 6
2 4 9 .1 4 6
2 ,2 6 7 .5 8 1
3 ,3 6 3 ,0 0 0

1 2 1 ,3 4 9
4 7 0 ,9 1 1
2 ,2 2 2 ,5 0 0
3 ,6 4 8 ,0 0 0

1 .88 9 .5 9 9

2 ,3 8 7 ,1 1

Increase

S

Decrease.

$

1 8 ,2 2 3
2 2 1 ,7 6 5
4 5 ,0 8 1
2 8 5 ,0 0 0
4 9 7 ,4 1 9

2 9 0 ,6 8 0

3 4 7 ,5 6 3

5 0 ,8 7 4

404 614
3 ,1 4 5 ,1 8 9
3 2 1 ,9 9 5
3 ,1 2 4
5 9 7 ,7 6 4
3 5 4 ,9 4 1

6 4 4 ,5 9 1
3 ,8 8 6 ,7 2 2
3 3 1 ,0 2 6
4 ,3 4 6
7 5 4 .5 4 5
3 7 8 ,5 5 3

2 3 9 ,9 7 7
74 1,5 3 3
9 ,0 3 1

1 2 , 9 9 0 , 8 6 8 1 5 , 1 9 7 , 221

4 5 ,0 8 1 2 ,2 5 1 ,4 3 8
2 ,2 0 6 ,3 5 7

1,222
1 5 6 ,7 8 1
2 3 ,6 1 3

Net Earnings Monthly to Latest Dates.— T h e table
follow ing shows the gross and net earnings w ith charges and
surplus of S T E A M
raihoad and industrial com panies
reported this w eek:
— Gross from Railway—
Railway— -----Net after Taxes---1921.
1920.
1921
1920.
1920.
1921.
S
S
S
$
S
$
Atchison Topeka Ac Santa Fe—
Jun e_____ 14,850,226 16,321,964
5,917,272 3,084,726 5,059,719 2,174,038
9,200,128 99,492,068 19,810,337 24,446,306 14,714,786 19,010,168
Atlantic City—
Jun e______
448,788
410,451
97,965
28,930
38,466
78,43-0
From Jan 1 1,865.232 1,854,074 — 51,855
45,545 — 166,577 — 33,676
Atlantic Coast Line—
Jun e______ 4,938,183 5,453,071
408,469 — 714,373
130,836 -1,014,705
From Jan 1 36,615,406 36,91S,935 5,246.526 4,333,218 3,636,324 2,658,426
Baltimore & Ohio—
J u n e - ____ 16,316,023 17,584,907 1,328,318
783,402
732,128 — 288,835
From Jan 1 96.230,951 99,786,722 12,798,170 4,070,006 9,304,941 . 621.926
Boston & Maine—
486,141
Jun e______ 6,440,900 7,649,897
341,438
732,777
83,583
From Jan 1 37,149,810 38,412,980 -1,566,649 -1,999,063 -3,098,668 -3,517,646
Brooklyn E D Terminal—
June______
96,104
104,131
25,968
19,054
10,113
16,146
From Jan 1
661,067
471,623
187,1G9 — 202,118
146,336 — 239,392
Buffalo Rochester & Pittsburgh—
Ju n e--------- 1,191,358 1,671,581
79.973 — 365,896
44,672 — 400,896
From Jan 1 7,128,025 8,774,670
150,122 — 912,491
60,419 -1,123,149
Canadian Pacific—
Jun e______14,461,643 16,480,575 3,104,758 2,630,818
From Jan 1 84,055,671 92,057,586 12,950,166 11,428,186
Carolina Clinchfield & Ohio—
Jun e______
609,084
120,512
589,747
181,135
150,976
150,232
From Jan 1 3,581,720 3,393,461
541,674
572,946
723,530
759,000
Central of Georgia—
-252,884
Jun e______ 1,941,431 2,055,224
223.144 — 172,338
144,883
From Jan 1 11,132,682 12,314,873
36,994
592.714
91,854
530,902
Central New England—
June--------684,373
185,914
658,682
164,531 — 23,551
5,326
From Jan 1 4,109,667 2,885,141 1,100,295 — 917,350
964,617 -1,026,801
Central R R of New Jersey—
June______ 4,426,927 4,271,777 1,031,438
421,508
748,775
686,364
From Jan 1 25,149,836 20,876,340 4,704,811 — 453,202 3,174,883 -2,061,389
Charleston & West Carolina—
June______
247,682
295,139 — 34,104 — 18,147 — 44,162
— 29,771
From Jan 1 1,698,092 1,734,860 — 107,816 — 11,425 — 170,376
— 81,175
Chesapeake & Ohio Lines—
— 1,702
Jun e______ 8,564,711 7,089,678 2,343,635
228,062 2,113,519
From Jan 1 41,853,146 38,886,264 7,343,141 5,569,811 5,956,247 4,189,877
Chicago Burl & Quincy—
Ju n e______13,343,056 14,761,245 3,164,445
34,178
767,684 2,363,090
From Jan 1 78,397,916 84,615,664 16,206,970 7,879,863 11,381,806 6,577,406
Chicago Ind & Louisville—
84,902
Ju n e--------- 1,286,638 1,327,997
137,253
203,638
132,470
From Jan 1 7,313,188 6,984,955
106,601
481,372
407,987
838,961
Chicago Junction—
Ju n e______
418,833
254,671
137,500 — 272,008
162,932 — 269,127
From Jan 1 2,461.410 1,498,448
469,451 — 857,992
616,429 — 839,181
Chicago Milwaukee Ac St Paul—
558,653
Jun e--------- 12,353,001 13,844,179
1,896,211 1.243,184 1,101,136
From Jan 1 67,769,580 76,274,334 3,491,587 2,145,030 — 976,481 -6,373,078
Chicago & North Western—
241,134
J u n e ---------11,864,180 13,459,532
966,486
860,648
1,557,619
From Jan 1 67,606,358 72,837,338
826,451 3,394,349 -3,778,025 — 797,714
Chicago Rock Island Ac Pacific—
Jun e_____ 11,106,855 7,999,229
1,888,074
430,408 1,417,255 — 36,581
From Jan 1 62,313,356 62,120,995 9,133,201 5 061,571 6.465,698 2,387,314
Chicago R I & Gulf—
83,492
Ju n e______
646,319
536,908
132,683
143.715
101,358
600,934
From J a m 3,568,395 3,185,681
533,102
708,902
611,490
Chicago St Paul Minn Ac Omaha—
Jun e____
2,145,519 2,517,706
146,860
188,528
329,406
300,998
From Jan 1 13,046,971 14,911,120
531,421 1,548,834
288,137 2,432,238
Cincinnati Ind Ac Western—
June
288,806
361,119 — 88,259 — 22,916 — 102,693 — 36,455
Froiri Jan 1 1,697,748 2,048,122 — 372,536 — 307,745 — 464,451 — 404.068
C u m b erlan d Ac M a rtin sb u rg —

June -_
147,896
61,830
From Jan 1
732,957
347,363
Delaware At Hudson
June
3,723,607 4,212,873
From Jan J 22,411,256 18,720,723
Del Lack At We#t—
June
7,566,132 6,596,671
34,767,373
Detroit At Mackinac
June
177,362
162,715
From Jan 1
916,794
881,394
Detroit Toledo A. Iron tonJune.
713,527
408,574
From Jan I 3,033,072 2,241,886

82,056
272,051

— 5,153
— 34,075

77,380
253,495

— 7,912
— 50,624

1,060,066 — 85,615
2,956,480 — 365,725

981,456 — 167,138
2,401,057 — 862,859

1,748,858
0,613,996

835,525
2,775,503

1,367,220
4,321,702

24,846
1,890

3,032
■57,513

337.144
820,477

- -70,352

43,804

327,003
760,188

79,013
— 97,800

1,215,708
442,119

2,077,004
2,157,430

975,323
— 54,828

1,919,374
1,840,022

444,293
427,264

— 8,622
13,684
—70,156 — 131,145

D u lu th MitmabeA '.'or—

June.
1,993,538
From Jan 1 4,497.JJ7

3,109,520
5,982,853

521

(Irons from Roll way
1021.

1920.
$

Nei from
1921.
S

1920.
$

1921, '

110,630
607,606

29.412
222.860

16,946
149,329

26,746
206,148

J
166,129

Eastern HH Lines 615,760
Juno .
From Jan 1 1,874,933

526,480
1,619,825

178,059
50,885

50,114
397,108

155,669
-82,829

35,146
541.915

101 PaHo A Southwestern1.025,721
June
F rom Jan 1 6,003,017

1,237,353
7,038,934

461,941
1,202,044

513.329
2,182,404

373,634
640,193

412,839
1.669,376

Erie Railroad
Juno
8,112,296 8,845,451
F ro m Jan 1 49,606,485 45,619,293

633,694
2,649,203

1.236,689
6,698,374

332,630
898,636

1,488,585
8,124,771

%

East 8t Louis ( ’onnoctlng
June
126.884
From Jan 1
808,486

%

1920.
%

Chicago At Erie—
June
748,400 1,089,729
19,174
330,710 — 24,586
280,740
From Jan 1
5,325,183 5,366,889
290,918
528,239
28,393
288,255
Now Jersey Ac New York HU -Juno.
124,023
104,864
29,761
10,-166
26,835
8,538
From Jan 1
719,990
594.630
80,074
8,792
62.452
•4,660
Groat Northern—
Juno.
8,448,60310,508,338 1,893,819 1 374,029 1,145,024
500,151
From Jan 1 41,003,78754,949,140 2,695,198 4,670,822- -1,787,709 — 249,996
Illinois Central—
June.
11,404,59411,179,188 1,897,352
122,817 1,249,000 — 516,729
From Jan 1 68,876,74665,780,013 12,318,793 5,955,420 8,336,605 2,281,260
Lake Terminal Ry—
June . .
94,004 115,867
23,360
— 6,009
17,467 — 11,901
49,004
From Jan 1
697,619 610,484
— 75,868
12,948 — 111,079
Lehigh Ac Now England—
June________
431,182 385,048
96,398
89,789
80,945
74,986
From Jan 1
2,210,735 2,081,486
424,484
425,722
331,766
331,790
Lehigh Valley—
6,579,734 5,946,068
June____
827,853 -1,073,119
706,219 -1,279,224
From Jan 1 36,842,040 31,082,745
224,209 -5,291,386 — 870,183 -6,552,641
Louisiana Ac Arkansas—
June 264,640
302,041
41,602
59,909
41,309
25,106
From Jan 1 1,683,880 2,021,055
255,622
612,136
155,671
508,994
Louisville Ac Nashville—
Ju n e______ 9,829,545 10,125,618
— 36,669 -1,516,968 — 341,579 -1,821,889
From Jan 1 57,604,139 59,546,792
—83,065 3,040,223 1,912,301 1,133,775
Maine Central—
Ju n e______ 1,595,842 1,853,667
— 19,222
117,598
From Jan 1 10,476.772 9,159,347
1,454,461 1,228,524
Michigan Central—
June______ 6,331,524 7,283,799 1,697,919 — 306,784 1,481,844 — 553,474
From Jan 1 34,484,225 39,123,639 6,186,039 3,970,609 4,840,483 2,457,731
Midland Valley—
June______
320,813
400,660
51,270
84,635
43,131
74,658
From Jan 1 2,251,298 2,281,691
238,739
356,718
189,724
310,491
Mississippi Central—
70,974
June______
97,199
— 2,103 — 74,885
— 7,708 — 79,895
From Jan 1
513,415
454,542
— 26,716 — 293,964 — 65,766 — 318,776
Missouri Kansas & Texas
June______ 2,670,216 3,251,406
454,413 — 216,203
298,018 — 329,185
From Jan 1 16,004,242 18,507,913 2,284,431 1,546,043 1,506,330
853,144
Missouri Pacific—
863,634 1,350,324
June______ 8,584,383 9,402,991
525,696
845,171
From Jan 1 52,400,955 54,400,768 4,964,568 5,629,580 3,159,922 3,128,408
Monongahela—
46,945 — 26,285
Ju n e______
307,339
290,011
40,445
— 32,578
From Jan 1 1,885,173 1,712,846
277,636
— 82,124
238,635 — 119,882
Monongahela Conn—
June______
51,769
249,250
— 2,020
56,382
— 3,688 — 36,092
From Jan 1
370,064 1,513,167 — 27,588
405,650 — 38,439
298,295
Nashville Chattanooga Ac St Louis—
June______ 1,612,637 2,004,493
89,395
216,913’
From Jan 1 10,096,138 11,795,260
— 653,410 1,013,100
Newburgh Ac So Shore—
June______
99,775
139,664
37
15,777
5,584
— 8,350From Jan 1
648,942
774,826
51,753 — 34,805
— 6,245 — 81,425
New Orl Grt Nor—
15,944
June______
217,404
205,513
23,328
7,256
3,676
124,162
From Jan 1 1,260,648 1,231,718
182,426
88,637
53,403
New York Central—
June______27,866,455 29,895,911 6,804,761— 4,915,721 5,116,497— 6,705,719
From Jan 1 157526,612 163082,738 26,195,242 5,649,774 16,322,375— 3,435,543
Cleveland Cincinnati Chicago & St Louis—
June______ 6,942,887 7,097,044 1,155,449 — 153,641
802,935 — 388,618
From Jan 1 39,593,766 39,875,873 5,684,454 6,377,146 3,751,780 5,041,223’
Pittsburgh Ac Lake Erie—
208,784 — 801,530
June______ 1,639,711 1,910,266
24,002 — 953,105
From Jan 1 12,360,145 13,139,352 1,153,661 -1,437,311 — 116,671 -2,347,200
Kanawha Ac Michigan—
June________
458,242 426,579
38,345 — 147,398
From Jan 1
2,280,863 2,258,840
______ — 239,065 — 362,320
Lake Erie Ac Western—
June________
774,518 1,047,493 — 29,378 — 303,461 — 76,279 — 356,285
55,330
From Jan 1
4,454,359 5,218,968
163,560 — 245,878 — 152,334
Toledo Ac Ohio Central—
June_______
922,950 1,072,020
...........
102,915 — 174,097
From Jan 1
4,994,529 5,247,549
______
216,344 — 259,708
New York Connecting—
June______
330,484
______
242,286 — 80,082
197,540 — 111,308
From Jan 1 1,783,733
______ 1,259,355 — 380,850 1,015,739 — 654,234
N Y New Haven Ac Hartford—
229,092
820,572
625,644 1,160,039
June--------- 9,772,686 10,486,550
636,613 -2,694,259 -1,407,569
From Jan 1 55,055,001 55,310,150 — 306,102
N Y Ont Ac Western—
143,300
June_______ 1,323,626 1,165,234
195,516
106,748
231,016
From Jan 1
6,479,855 5,318,256
290,913 — 343,927
504,193 — 141,692
Norfolk Southern—
— 9,773
77,922 — 26,584
110,601
June_______
704,162 621,421
102,299
From Jan 1
3,931,406 3,856,079
227,333
2,146
421,477
Norfolk Ac Western—
Ju n e_______ 7,050,018 6,285,821 1.374,652 2,152,178
984,375 -2,517,410
313,750 3,078,769 -1,902,082
From Jan 1 39,191,07038,304,273 5,422,114
>/
Northern Pacific—
348,105 — 909,681 — 216,867
June___
7,408,685 8,622,238
2 4 3 ,4 9 6
From Jan 1 40,427,22151,027,769 1,009,753 7,377,600 -3,328,665 3,010,062
Penna R R Ac Co—
Juno_______ 43,268,21543,970,502 8,052,621 - 1,976,340 6,286,775 -3,548,962
From Jan 1 248584,923234250,095 26,538,218 24,023,913 16,076,725-33,486,092
Balt Ches Ac Atl—
3,762 — 37,861
— 41 — 41,561
Ju n o_______
156,935 122,034
— 82,887 — 200,712 — 105,699 — 222,912
From Jan 1
719,258 626,931
Long Island—
556,411
545,446
451,851
June .......... 2,792,777 2,434,762
679,077
From Jan 1 12,767,134 10,666,610
667,923 — 350,166 — 82,523 — 975,176
Mary Del Ac Va—
-27,993
June- 113,032
105,232 — 15,917 — 25,992 — 18,017
194,817'
From Jan 1
639,005 500,810 — 69,010 — 182,817 — 71.613

5Z2

[You 113

T H E CHRONICLE

Net after Tuxes- —
— Groan from HaUway
■Net from Railway1920.
1920.
102 L
1920
1921.
1920.
$
$
$
$
*
*
Ftmna RR A Co (Concluded)
N Y Phiia A Norfolk—
621,099
630,941
— 9,566 — 54,525 — 33,393 — 77,685
June------From Jan 1 3,072,356 3,509,853 — 332,314 — 354.293 —475,353 —493,393
J C A St Louis—
421,351 —909,222
7,942,574 8,040,874
830,600 — 583,253
Jun e____
709,142 1,933,807
From Jaii 1 48,177,641 51,309,264 1,744,174 — 49,322
Weal Jersey' A Seashore —
65,373 — 86,717
125,961 — 40,231
June_____ 1,105,932 1,084,878
From Jan 1 5,543,977 5,187,791 — 203,140 — 934,664 — 545,831 -1,213,604
System—

J une - _ I .57,184,018 67,881,795
From Jan 1 326464,J60 311098,521
Peoria A Pekin Union
107,104
125,120
June 751,949
From Jan 1
830,011
Perkloujten—_
83,035
June .
105,195
555,423
From Jan V
046,297
PkiludeluhlabA Reading 7,215,001 7,021,784
June .
From Jan i 42.321.725 41,209,810
Pittobur gh £>lia\iVmut A N orthern—
108,627
96,683
June _
675,832
590.211
From Jan V
Pitts A West Virginia193,714
174,199
June 949,978
From Jan 1
950,071
Port Readlng157,734
72,357
June_____
843,712
From Jan 1 1,206,703
Rutland Railroad—
484,662
June_____
464,751
From Jan 1 2,794,642 2,000,647
l—
St Joseph & Grand Island—•
254,069
June_____
254,390
From Jan 1 1,510,122 1,521,146
St Louis Southwestern—
June_____ 1,351,086 1,699,607
From Jan 1 8,294,988 9,702,735
Southern Pacific—
June_____ 17,131,779 18.080,938
89,813,230
Arizona Eastern—
359,241
June______
180,729
From Jan 1 1,586,998 2,004,392
Atlantic SS Lines—
June_____
761,679
416,605
From Jan l 5,149,519 2,741,986
Staten Island Rapid Transit—
June______
216,099
216,248
From Jan 1 1,197,108 1,040,427
Terminal RR Ass’ n of St Louis—

9,787,731 1,948,849 7,301,092 4,180,295
28,868,466-26,753,870 14,184,410-40,168,524
3,769 — 55,851
—84,872 — 144,763

14,669
— 8,824

— 46,352
— 87,763

44,427
332,256

30,225
236,048

41,283
313,392

26,919
218,988

1,153,903
5,290,427

138,658
2,049,150

1,011,737
3,939,245

—63,816
934,206

— 27,027 — 38,701 — 29,269 — 40,592
— 227.401 — 212.082 — 240.843 — 223,929
217,180

18,341
-285,474

35,810
494,291

— 76,015
8,770

-

50,221
575,754

— 65,910
53,040

21,111

38,954 — 169,244
44,921 — 325,803

14,874 — 190,982
— 98,291 — 459,034

— 2,547 — 99,710
108,774 — 130.420

— 15,198 — 111,592
31,662 — 201,451

531,909
2,749,734

568,437
3,501,300

472,391
2,435,285

497,999
3,167,789

4,482,413 5,525,678 3,400,607 3,799,06-1
19,990,152 18,170,442 14,333,640 12,270,920
— 10,147
239,119

145,656
539,415

33,271 — 319,637
273,309 -2,475,190

— 32,072
82,701

93,716
365,830

21,748 — 329,635
204,139 £,535,183

— 1,551 — 11,010
3,990
14,127
— 51,487 — 106,681 — 132,034 — 196,872

38,299
313,566
274,955
June___
217,927
From Jan 1 1 ,742.5S4 1.778,682
Ulster & Delaware—
2,006
121,538
June_____
164,408
577,616 — 68,010
From Jan 1
6S4.579
Union Pacific—
9,854,262 2,SS2,134
June______8.7S5.175
From Jan 1 48,705,977 56,329,591 13,776,697
Total system—
15,904,362 3,774,077
92,882,262 17,318,863
Oregon Short Line—
515,148
June______ 2,621,958 3,345,839
From Jan 1 15,652,677 20,758,$48 2,706,742
Oregon-Washington RRLA Navigation—
376,794
June_____ 2,447,510 2,704,259
835,424
From Jan 1 13,489,9S9 15,793,822
Union RR (Penn)—
260,443
June______
859,255 1,12$,062
577,158
From Jan 1 4,985,184 4,440,957
Virginian RR—
893,367
June______ 2,004,240 1,370,536
From Jan 1 9,596,649 7,243,916 3,355,586
Wabash R R —
432,368
June______ 4,738,969 4,868,935
From Jan 1 28,832,268 25,787,169 3,111.859
Western Maryland—
323,410
June______ 1,451,225 1,407,582
From Jan 1 9,133,334 8,332,174 1,563,609
Wheeling & Lake Erie—
1,481,S40
466,157
June_____ 1.4S4.S22
From Jan 1 6,748,924 7,109,361 1,039,218

— 61,834
— 232,871

21,672 — 71,802
129,419 — 288,876

— 5,880 — 19,423
— 14,423
— 104,756 — 110,443 — 135,154
635,631
1,119,951 2,349.779
15,371,049 10,749,152 12,560,569
2,260,371 2,796,792 1,296,744
25,041,594 11,647,699 19,521,309
251,165
1,150,662

468,872
5,115,748

374,648
195,847
2,906,316 — 252,115

192,240
1,844,989

251,277
514,407

78,448
— 219,423

789,252
2,770,346

320,602
1,322,270

765,771
6,764,227

01,181
— 170,050
384,984
1,693,322
— 912,455
-2,622,549

281,326 -1,043,327
2,236,710 -3,413,142

— 572,628
— 671,351

263,410 — 622,628
1,213,609 — 971,351

309,595
704,803

390,62S
583,474

244,795
311,638

— Deficit.

ELECTRIC RAILWAY AND PUBLIC UTILITY COS,
N am e o f Road
or Company.

A dirondack P& L Corp
Alabam a Pow er C o__
Appalachian P ow Co_
A tlantic Shore R y ___
Bangor R y & Electric
^Barcelona T rac,L& P
Baton R ouge Elec Co_
Beaver Valley Tr C o .
Bingham ton L, H & P
Blackstone V G & El
Brazilian T r .L A P , Ltd
Bklyn R ap Tran Syst
aBrooklyn C ity R R
a Bklyn Heights R R
Coney Isld & Bklyn
Coney Isld & Grave
Nassau E lectric___
South B rook lyn __
N ew Y ork C onsol’d
Bklyn Qu C o & Sub
C apeB reton E lC o.L td
Cent M iss Val El C o .
Chattanooga Ry & Lt
Cities Service C o -----Citizens Traction C o .
Cities Service C o ____
City Gas C o, N orfolk
Cleve Painesv & East
Colorado P ow er_____

Latest Gross Earnings.
donth.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

June
June
June
June
M ay
June
M ay
June
June
M ay
M ay

%
351,185
351,258
213,190
16,759
106.551
2912,556
48.328
52.188
67,663
280,530
14462000

$
%
$
358,795 2,281,507 2,198,152
335,612 2,050,709 1,810,632
192,902 1,368,569 1,119,737
105,310
90,420
18,339
100.834
575,561
476.480
2523,998 18,100,834 14,804,582
38,236
234,057
190,134
347.042
58,495
352.265
57,936
425.552
319,810
248,099 1,422,720 1,314,634
10985000 65,942,000 50,166,000

March
April
April
April
April
April
April
April
M ay
M ay
VIay
M ay
M ay
June
June
M ay
Juno

957,207
6,193
217,165
5,996
350,849
68,617
1873,082
207,624
52,551
42,084
11 1,8 15
1198,111
76,110
823,785
70,150
66,142
81,177

849,189 2,664,937 2,401.385
6,876
24,281
27,032
197.301
794.154
726,510
18,939
5.994
19,926
526.958 1,463.968 1,977,063
57,896
279.414
274,991
1776,021 7,190.069 6,861,787
156,328
636.086
574,482
50,607
263,536
236,666
38,087
210,853
197,906
108 660
541,299
559,158
2219.330 7.143,786 10,606,056
79,199
412.258
386.244
2137.240 7,967,571 12,743,296
80.796
505,616
436.413
69,878
299,051
287,835
—
94,722

Name of Road
or Company.

Latest Cross Earnings.
Current
Year.

Month.

$
1197.409
139,348
2491 ,036
116.789
1095,801
246,13
327,990
1728,216
148,552

•May
M ay
J une
M ay
J une
Cum b Co 1* A Lt Co_ May
Dayton Pow & Lt C o . M ay
Detroit Edison C o ._ June
Duluth-Sup Trac Co June
Duquesne Lt Cosubsii
light A power co s. J une
E Si 1. A Suburban Co M ay
East Sh ( r A E Subsid M ay
Eastern Texas El Co M ay
E disE l ill C o o f Brocl M ay
Elec Lt A Pow o f An
ingtonA Rockland M ay
El Paso Electric C o . M ay
Erie Lt C o A Subski_ M ay
M ay
iVldy
Federal Lt A Trac Co Mi
Ft W orth P A Lt Co. ! M av
G alv-H ous Elec C o .. M ay
General Gas A E le c .. June
Georgia Lt A P o w e r.. M ay
Great West Pow Sys. June
Harrisburg R y C o __ 1April
Havana Elec R y A Li M ay
Haverhill Gas Lt Co. M ay
M ay
M ay
M ay
Houghton C oT rac
Hudson A M anhattan J une
11unting’n 1)ev& G Co M ay
Idaho Power C o ____ M ay
d Illinois T raction ___ M ay
interboro Rap TranM ay
Total system ____
Keokuk Electric Co. M ay
Keystone Telep Co. June
Key W est Electric Co M ay
Lake Sh Elec Ry S y sJIMay
M ay
Long Island Elec Co. April
Lowell Elec Lt C orp . M ay
Manhat Edge 3c Line April
Manh A Queens (Rec April
M etropol Edison C o . Tune
Miss River Power Co. M ay
M u n ic Serv C o A sub. M ay
Nashville R y A Lt Co May
Nebraska Pow C o ___ M ay
N evada-Calif El Corp M ay
New England Power. M ay
N ew Jersey Pow A Lt June
No u p N A 11 Ry G A E April
New Y ork D ock C o . _ June
N Y A Long Island. April
N Y A Queens County April
April
b N Y R a ilw a ys..
b E ight h A venue _ _ April
April
b Ninth Avenue.
N o Caro Pub Serv Co M ay
N or'n Ohio Elec Corp June
N W Ohio R y A Pow June
N orth Texas Elec Co. M ay
Ocean Electric C o . . . April
Pacific Pow A Lt C o . M ay
Paducah Electric Co M ay
Penna Edison L t A P June
Pennsylv Util System M ay
Philadelphia Co and
Subs id N at Gas Cos M ay
Philadelphia C o and
Subsid Nat Gas Cos June
Philadelphia Oil C o . June
Phiia A W estern____ June
Phiia R ap Transit Co June
Portland Gas A Coke. M ay
P ortl’ d R y , L A P Co May
Porto R ico Railw ays. M arch
Puget Sd P ow A L t Co M ay
Reading Trans A L t. June
Republic R y A Lt C o . M ay
Richm ond Lt A R R . . April
Rutland R y , L t A P_ June
Sandusky Gas A Elec June
Sayre Electric C o ____ June
April
Second A venue___
17th St Incl Plane Co fune
Sierra Pacific Elec Co M ay
Southern Cal Edison. M ay
South Can Power Co. June
Tam pa Electric Co__ M ay
Tennessee Power C o . M ay
Tenn R y , Lt, A Power M ay
Texas Pow A L t Co__ M ay
Third Avenue System. June
Twin C ity Rap Tran. April
United Gas A El Corp M ay
Utah Power A Light. June
Utah Securities Corp. M ay
Vermont H ydro-Elec. June
Virginian R y A Pow. Juno
W innipeg Electric R y M ay
Y oungstow n A O hio. M ay
Colum bus Electric

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

%
$
$
1139,390 6,805,308 6,467,439
127,373
713,114
663,416
2130.317 15,773,822 15,004,378
120,918
601,486
600,258
1090,510 7,135,354 6.805,893
239.753 1,301 8 19 1.189,505
284,271 1,790,691 1,549,434
1607,803 11,624,400 10.309.002
160,639
905,176
969,693

1242,577 1154,557 8,304,834
( 1,76;
308,148 322,691
40,347
37.623
08 672
7 12
142,502 127,686
521,076
103,151 110,976

7,235,297
1,661,439
197,335
625,341
565,976

25,639
191,255
75,312
84,648
377,659
207,046
318,013
898.822
134,0H1
580 1 F9
138,006
1100,117
41,933
80.355
37,669
17,950
872,819
86.452
199,634
1332,210

134,703
24,465
952,670
152,988
462.153
79,204
68,913
394,864
357.968 2,061,900
890,029
168.716
334,843 1,557,276
869,916 5,603.2 8
130.578
71 1.315
463,952 3,633, 113
142.745
560.964
946,301 5,341,730
34,335
203,707
70,204
382.091
37,352
239,200
23,533
123,412
784,719 5,216.035
133.31?
486.475
862,561
196.257
1188,899 9,211,294

133,776
762,984
503,359
341,593
1,910,553
811,071
1,434,904
5,21-1,774
695,457
2,781.139
663.016
4,587.377
183,593
339,731
214.850
136.947
4,253.215
(Y2 054
823,690
8,386,023

4730,491
30,405
144.880
21,867
220,822
28,142
92,258
24,557
28,240
209,0 ” 5
233,222
194,809
321.392
235,906
232,714
423.504
33,776
215,521
478.246
46,722
102,477
794,644
104,119
47,891
92,101
694,551
38,223
303.362
15.505
238,556
41,149
197.008
183,518

4507,479
27,519
144,630
22,851
229,029
25,261
94,395
23,266
22,283
223,134
238,349
188,445
320 236
225,329
250.658
472,459
34,608
209 980
464.026
43,018
97,131
718,833
85,345
34.581
83,638
954,068
37,864
33 J. 347
12,798
201,110
37,267
152.029
162,840

758,375 1135,516
552,907
63,039
67,911
3566,338
294,360
8 50.90 ‘
1 17 97“
799,785
249.005
602.005
62,269
43,676
48.312
13,668
78,365
4.309
74,537
1508,277
61 370
140.342
205.2 '2
558 256
353,973
1224,307
1146,869
1000.199
519.609
675.836
36,155
835.578
447,180
43.334

1003.839
119,052
65,856
3177,798
209,064
741.360
110 944
789,833
253.404
633,962
51,821
45,413
47,370
12 245
69,057
4,2 8
63,413
1190,532
54,681
48.8S9
200 730
5 *8 713
338,309
1094,779
1017.813
919.907
490.887
633.229
43.482
784,131
404,742

23,675,145 22,986.332
149,369
136,239
868.277
862,451
107,330
J I5.2J8
1.036,886 1,294.073
82.819
97,487
487,158
512,777
93,690
85,708
102.920
75,926
1,322,476 1,325.383
1,146.666 1,050,389

—

_____

1,604,763 1,540,549
1,310,291 1.169,219
1.222.024 1.142,420
2,159,655 2,273.905
219,339
207,234
1 .112.164 1.030.043
3,066.214 2,734,854
169,492
137,174
330,687
382,333
3,504,654 2,511,851
381,856
268,937
177,898
88,905
406.490
464,519
4,411 ,830 5,659.210
215.321
186,211
1,564.856 1,579.825
41,602
48,993
1,171,162 1,007.920
218,423
198,511
1.168.898 1,052.258
1,025,308
851,865
5,619,176

7,230,886

6,172,083 8,234,725
661,269
941.579
390,181
361,476
21,554,034 18,653,531
1,569,304 1,038,915
4.230 128 3.700 267
340 885
316 951
4,359.558 4,173.088
1,474,159 1,471,748
250,121
269,712
367,923
96,945
281,159
20.844
347,475
6,280,377

183,803
251,468
337.453
74.275
191.068
19.320
324.069
4,780,739

728,112
1,031.378
2 ~ g 7 .8 ?7
2.068.413
7,256.089
4,717.181
5,341.382
3.341,895
3.609.799
245,7 22
5,090.882
2,410.506
220.270

555,408
978,196
2.650.730
1,716,602
5,696,624
4.135,037
5.062,836
3.201.841
3.442,702
265.921
4,679,542
2,238.117

a The Brooklyn C ity R R . is no longer part o f the B rooklyn R apid Transit
System, the receiver o f the Brooklyn Heights R R . C o. having, with the
approval o f the C ourt, declined to continue paym ent o f the rental; therefore,
since O ct. 18 1919, the Brooklyn City R R . has been operated by its owners.
& The Eighth Avenue and Ninth Avenue R R . companies were form erly
leased to the New Y ork Railways C o., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately, c Includes M ilwaukee Light. Heat and Traction C o. d In
cludes all sources, e Includes constituent or subsidiary companies.
/E a rn in g s given in milreis. g Subsidiary cos. on ly, h Includes Tennessee
Railway, Light A Power C o ., the Nashville Railway A Light C o., the
Tennessee Power C o. and the Chattanooga Railway A Light C o. i Includes
both subway and elevated lines, j O f Abington A R ockland (M ass.),
fc Given in pesetas.

Electric Railway and Other Public Utility Net Earn
ings.— The following table gives the returns of E L E C T R I C
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.
Barcelona T ra ct, L t A Pow

Cross EarningsCurrent
Previous
Year.
Year.

$

$

\

Current
Year.

'$

tings

Previous
Year.

$

Co, L td ______________ Juno 1-2.912.556 *2 .528,398 * 1 .7 7 4 ,M l * 1.61s is .
Jan 1 to Juno 3 0 _____ ;rl8,100,83-l.rl4,SlM,o3i'.t'11.0-tV. 130 tO.o'.U oSO

J uly

30

—Gross Earnings
Current
Previous
Y ea r.

Year.

Cow panics.

$

$

Net Warnings
Current
Previous
Y ea r.
Y ear.

$

$

52,187
*4,290
*12,239
58,495
B eaver Vail True C o a Juno
*28,563
*102,355
347,042
352,265
Jan 1 t o June 30
Duquesno L ightO oandsubsid
*413,002
*315,400
1 ,154,557
light aiul pow er cos a .Juno 1,242,577
Jan 1 to June 30 ____ 8,304,834 7,235,297 *2,940,149 *2,391,566
Philadelphia C o and suhsid
*34,499
*282,666
552,907 1.003,839
natural gas cos a ___ Juno
Jan 1 to Juno 3 0 ______ 6,172,083 8,234,725 *2.103,442 *3,360,201
*85,374
*18,104
119,052
63,039
Philadelphia Oil C o . a June
*402.019
*747,965
94 1,579
661,269
Jan 1 to Juno 3 0 ______
4,278
*175
*355
4,309
17 th St InclJPlane C o a Juno
19,320
*180
*9,773
20,844
Jan 1 to Juno 30_
x Given in pesetas.
* D oes not include incom e from investm ents, and is before providing for
interest on debt and other incom e deductions,
a N et earnings are given here after deduction o f t axes.

Bingham ton L t IIt June ’21
& P ow C o
’ 20
12 m os ending June 30 ’21

’20

Citizens T ra ctio n M a y ’21
’20
C o and subs id
12 m os end M a y 31 '21

’20

C olorado
June ’21
Power C o
’ 20
12 mos ending June 30 ’21

’20

D uluth-Superior
June ’21
T raction C o
’20
6 m os ending June 30 ’ 21

’20

Eastern Shore Gas M a y ’21
& Elec C o and su bsid ’20
12 m os end M a y 31 ’21
’20
Erie Light C o and M a y ’21
’20
subsid
12 m os end M a y 31 ’21

’20

Gen Gas E lec &
C os

523

THE (HI RON IOLE

1 9 2 1 .]

June ’21

’20

Net. after
Fixed
Gross
Charges.
Earnings.
Taxes.
$
$
$
67,663
22,969
6,310
57,936
860,115
£239,301
125,483
99,321
589,550
*172,880
76,110
19,790
9,062
15,470
79,199
8,204
104,180
1,035,093
272,246
230,208
857,530
89.883
81,177
*30,928
94,722
*40,323
1,126,688
338,652
*533,245
1,055,940
*494,249
332,761
16,378
14,291
148,552
160,639
14,266
26,663
905,176
87,288
101,445
133,997
969,693
87,231
40,347
10,633
8,033
8,816
6,722
37,623
118,137
517,487
85,690
118,171
452,327
71,494
75,312
27,026
15,405
28,217
79,204
15,083
181,908
1,189,169
400,194
375,230
177,674
1,000,758
898,822
226.541
869,916
141.878
11,753,071 *2,892,095 1,973,452

Balance,
Surplus.
$
113,818
73,559
10,728
7,266
168,066
140.325
194,593
161,488
2,087
12,397
14,157
46,766
2,600
2,094
32,447
46.677
11,621
13,134
218,286
197,556
918,64

872,849
374,932
#370,691
4,241
June ’21
H udson & Man338.772
784,719
#339,638
— 866
’20
78,199
6 m os end June 30 ’21 5,216,035 2,135.401 #2,057,202
’20 64,253,215 1,542,032 #2,042,925 — 500,893
209,075
73,491
M etrop E dison C o June ’21
223,134
55.645
’ 20
*950.440
599,950
350,490
12 m os ending June 30 ’21 2,806.924
*952,552
519,367
433,185
2,500,965
M ontana Pow er Co—
683,606
437,457
246,149
3 m os ending June 30 ’21 1,323,000
902,120
’20 2,003,722
1,340,506
438,386
194,809
40,293
*62,073
21,779
M unicipal Service M a y ’21
*41,038
188,445
31,912
9,126
C o and subsid
’20
439,869
250,966
12 m os end M a y 31 ’21 2,593,925
*690.835
258,820
372,809
’20 2,182,560
*631,629
33,776
10,883
New Jersey P ow June ’21
34,608
12,006
A Lt Co
’20
477,223
75,618
79,547
*155,165
12 m os ending June 30 ’ 21
390,757
*141,205
74,597
66,608
’2 0
90,663
124,850
478,245
c2 15,513
New Y ork D o ck
June '21
464,030
C167.604
74,608
92,996
Co
’20
528,477
728,960
6 mos end June 30 ’21 3,066,214 c l , 257,437
422,495
559,979
c982,474
’20 2,734,854
694,551
65,487
*143.069
208,556
N orth. Ohio E l. C o . June ’ 21
54,984
*139,768
194,752
’20 954,068
*898,648
994,383
6 mos end June 30 ’21 4,411,830
95,735
722,519
*792,136
’20 5,659,210 1,514,655
38,223
N orthw estern Ohio J u n e ’ 21
1,548
37,864
R y & P ow
’20
5,876
1,778
68,712
*70,490
12 m os ending June 30 ’ 21
496,225
— 5,001
68,924
392,006
*63,923
’20
39,913
Penn Central L t & M a y ’21
29,369
185,353
69,282
30,341
Pow C o & subsid
’20
27,104
178,949
57,445
12 m os end M a y 31 ’21 2,412,164
438,946
338,964
777,910
396,077
353,550
749,627
’20 2,022,712
Penn Edison &
June ’ 21
197,008
56,081
16,362
Subsid C os
’20
152,029
208,152
12 mos ending June 30 ’ 21 2,518,606
436,033
*644,185
413,594
’20 I ,
136,619
960,561
*550,213
Reading Trans & L t June ’21
249,005
22,631
C o & Subsid C os
’20
253.404
25,410
12 m os ending June 30 ’21 3,028,962
168,937
89,076
*258,013
2,875,742
217,113
133,140
*350,253
R utland R y L t &
June ’21
43,676
7,573
P ow C o
’20
45,413
11,222
12 m os ending June 30 ’21
584,741
28,204
98,381
*126,585
’20 521,152 *157,224
53,555
103,669
Sandusky G as <fc
June ’21
48,312
12,099
47,370
5,234
E lec C o
’20
12 m os ending June 30 ’ 21
89,080
773,719
76,150
*165,230
18,332
634,592
55,718
* 74,050
Sayre E lec C o
June ’21
13,667
2,212
12,245
—-192
12 m os ending June 30 ’21
19,330
193,460
22,903
*42,233
’20
21,021
144,249
14,056
*35,077
Texas E lectric
June '21
50,514
229,478
39,499
90,013
Railw ay
’20
39,417
66,325
272.405
105,742
12 m os ending June 3 0 ” 21 3,279,746 1,351,701
877,794
473,907
882,000
475,817
3,256,157 1,357,817
Third A ve R y 8ys June '21 1,224,307
—43,507
222,494
178,987
’20 1,094,779
8 1,885
170,774
252,659
12 m os end June 30 ’21 13,449,048 1,804,806 2,672,368 —867,562
’20 I I .
752,069
1,842,317 2,687,713 —845,396
Utah Pow & L t C o June '21
101,248
519,609
141,521
*242,769
’20
65,729
490,887
140,413
*206,142
12 m os end June 30 ’21 6,870,905 *3,386,567
1,722,173 1,664,394
'20 6,149,880 *3,017,506 1,663,717
Vf i mont Hy6u > June / 1
36,155
12,745
Elect ric ( kxrp
43,482
10,7)8
\/, m os end trig June 30 '21
118,188
89,354
550.280
*207,542
’20
124,895
543.595
*210,579
85,684
W innipeg
M a y 21
447,180
1 15,035
56.176
58,859
E le c t r ic R y
20
48,649
404,742
1 10,870
62,221
mos ending M ay 31 ’21 2,410,506
591 .371
289,685
301 ,686
’20 2,238.1 17
592,1 J8
272,625
319,493
/ After allowing for other inco/ne received.

’20

’10

’20
’20

’20

a Inr hides full In tores I. on cum illative adjust m oil, income bonds am ounting
to $ 137,925 per m o n th .
h Road closed on account o f strike from April lb to J9 1920, partial opera
tion to Ma,.v 6 1920, when full operation was resumed.
* Elxed charges Include Interest and dividends on outstanding preferred
stock s o f con stitu en t com panies.
c B efore ded u ctin g taxes.

FINANCIAL REPORTS.
Annual, &c., Reports. The following is an index to all
annual and other financial reports of steam roads, street
railways and other companies published since Juno 25 1021.
This index, which is given monthly, does n o t include re
ports in to-day’s “ Chronicle.”
Full-face figures indicate reports published at length.
Steam Ro id >•

Pa ic.

287
Boston A AI >m y R R
Chic. North Shore & Mllvv. R R 4 16, 2S7
411
(Jinn, null i.nipoll» A Western i R
67
( Jhlca/'o A Alton R R
411
Duluth South Shor .' & AM. Ry
2S7
Florida E.nt, Coast R y. Co
412
Hudson A Manhattan R R
*2742
Illluoi 5Central R R . ( Jo
*274 I
Kansas City S mthern Ry
71
Minneapolis A St. Louis R R .
2S6
New York Central R R - ..........
66
Northern Pacific R y ______
*2742, 67
New Orl. Tex. & M ex. Ry
71
Norfolk A Western Ry
Northern Pacific R y . Co _________*2741
Pennsylvania C o ________
412
Philadelphia & Reading R y
237
Reading Company _ _. - - - - - - - - *2742, 66
418
St. Louis Southwestern R y ___
66
Southern Pacific R y ___

Elect-ic Roads—
Adirondack Power A Light Corp_
295
American Light & Traction C o ------ 415
Boston Elevated R y _________________415
Central Maine Power C o _____
425
Cities Service Co __________ ___
421
Commonwealth P ow ., R y . A L t . C o _ 416
East St. Loui >A Suburban CJo_____414
Iowa R y. A Light Co _____________
71
Northern States Power C o ----------------- 299
Philadelphia Rapid Trans. Co_*2749. 417
United Light A Railways C o _ .... .. .. _ 413
Union Street R y ___________________ *2750
Virginia Railway A Power C o --------72

Industrial Cos.—
Acme Packing C o --------------295
Albers Bros. Milling C o _ ____________ 295
Alliance R ealty C o --------------------------- 295
American Car & Foundry C o ______
68
American Hardware C orp-----------------415
American-La Fr ince Fire Engine C o . 414
American Telephone A Telegraph C o. 295
American Thread C o _________________238
American Wholesale C orp -----------------420
Amer. W indow Glass Machine Co_*2744
Anglo-American Oil C o., L td ______ 239
Atlas Powder C ) ------------------------------- 420
Automatic Electric C o_______________299
Bayuk Brothers, In c_______________
68
Beacon Falls Rubber Shoe C o _____ *2752
Brooklyn Edison C o _________________ 297
Brooklyn Union Gas C o _____________ 413
Bush Terminal C o ___________________ 297
Central Steel C o ____________________ 74
Chile Copper C o ___________________ 74
Columbia Gas A Electric C o _______ 42 J
Commonwealth Edison C o __________ 297
Community Traction C o __________ *2747
Corn Products Refining C o _ ________ 422
Crow’s Nest Pass Coal C o., L td ____ 75
Durant M otors, In c_______________
75
East St. Louis A Interurb. W ater Co. 422

Indus'rtat Cos. (Concluded)

Page.

Empire ( Jotton <)il ( Jo
75
Exchange Buffet ( Jorp
*2753
Farr Alp •/•a ( Jo
298
Federal Sugar Refining Co
*2742
Fisher Body Ohio ( Jo
298
Foil msbor Brothers Co
_ 423
Ford M otor Co
298
Forostral Land, Tim ber A R y. C o.,

Ltd

423

Foundat Ion ( Jo
75
Goldwyn P i ;t ires Corp..
.
__ 290
76
Great Lakes Dredge A D ock (Jo
423
Gulf States Steel (Jo.........
....
423
(Edward) Hi \es Lumber C o.
288
H olly Sugar C o r p ..
.....
-*2754
(R obert H.) Ingersoll A Bro .
. . 424
International s.,b C o .._
_*2746
Jones Bros. T ea C o.
. 299
Lackawanna Steel C o . _______
Lanston M onotype Machine Co _*2744
__ 76
Library Bureau________
_ *2755
Loews Boston T h ea tres.__
Lone Star Gas C o . . .
........... .....*2744
Mengel C o., In c________ _________ 299
M exican Eagle Oil C o ______ ____ . . *2755
Mcxiean Petroleum C o., L td ______ *2755
Midwest Oil C o . ___ _______________*2756
Mississippi River Power C o _ _ ____ .*2745
Mullins B ody C o r p .__________ - 77
Narragansett Electric Lighting C o . *2756
National Breweries C o.. L td ______ *2756
National Cloak & Suit Co ___ . — 412
New M exico A Arizona Land C o ___ *2746
New Y ork D ock C o ________________ *2745
New Y ork A Richm ond Gas C o ______ 299
North B utte Mining C o ___________ *2757
Northwestern Bell Telephone Co__*2756
Ontario Steel Products C o.. L td ____ 425
Otis Elevator C o ____________*2757, 300
Paciue Ga* & El ectrie C o __________ *2742
Parke Davis & C o __________________ 289
Patlie Freres Phonograph C o _________300
Phils.. & Reading Coal & Iron C o — 288
Phillips Petroleum C o ------------------------ 414
Producers A R eriners C orp--------------- 77
Pullman C o _____________________ 68, 425
Republic Iron A Steel C o ____________ 426
Rochester Gas A Electric C orp ______ 426
Salt Creek Producers’ Assn., In c— 290
Shawini zr.n W ater A Power C o ----------300
Southern California Gas C o __________ 426
Standard Gas A Electric C o . _________427
Standard S anitary Mfg.. C o --------------- 289
Superior Oil C orp____________________ 301
T rov Laundry Machinery C o ______ *2775
U. S. Gypsum C o __________________ *2746
U. S. Rubber C o __________________ *2744
United D yew ood C orp____________ *2743
Vulcan Detinning C o ________________301
Western Union Telegraph C o ________301
W right Aeronautical C orp_________ *2776

* V. 112.

St. Louis Southwestern Ry. (Cotton Beit Route)
(30t h A n n u a l R e p o r t — Y e a r e n d e d D e c e m b e r 31 1920.)
Chairman Edwin Gould, N . Y ., June 15, wrote insub:
Investm ent.— T h e sum o f S I ,959,993 was expended for additions and
betterm ents, representing an increase over 1919 o f $548,393
Funded D ebt.— The funded d eb t was decreased during 1920 b y $260,000
through paym ent o f E quipm ent T ru st O bligations.
D igest o f S ta te m e n t b y P re s id e n t J. M. H e rb e rt. S t . L o u is , J u n e 1 1921

Heavy Increase in Operating Revenues.— It will be n oted the tota l operating
revenues for year 1920 am ounted to $31,020,958, as com pared w ith $20,661,163 for previous year, an increase o f $10,359,795, or 5 0 .1 4 % . This
m ost gratifying increase is attributable in som e measure to the increase in
freight rates and passenger fares granted b y the 1. S C . C om m ission,
effective A ug. 26 1920, as to inter-state traffic and subsequently extended
to intra-state traffic, b u t is m ainly due to a m arked increase in the volum e
o f freight traffic handled.
T h e increase in num ber o f tons o f revenue freigh t handled one m ile,
am ounting to 675,316,142 ton-m iles or 5 9 -2 1 % . Passengers carried one
mile shows a small decrease.
Operating Expenses.— T otal operating expenses for the year am ounted to
$25,886,056 com pared with $18,497,241 for the previous year, an increase o f
$7,388,814, or 3 9 .9 5 % . W hile the percentage o f increase in operating
expenses is large, it will be noted it is considerably under the increase in
operating revenues. T h e increased volum e o f tra ffic will account for a
large portion o f the increased operating expenses bu t other unavoidable
conditions occasioned no small part o f same.
In addition to the heavy m aintenance charges to which reference has
heretofore been m ade, the operating expenses for the year include, ap
proxim ately, $1,900,000, representing the increase in the payrolls for
m onths M a y to D ec. 1920, inclusive, grow ing ou t o f the increases paid, in
com pliance with order o f the U . S. R R . Labor Board prom ulgated July 19
and were also unfavorably affected during the Federal control period o f
Jan. and Feb. and for a short period thereafter, b y the payriient o f large
sums for overtim e.
Average Load in Tons per Train M ile , including company °material.
1920. 1919. 1918. 1917. 1916. 1915-16. 1914-15. 1913-14. 1912-13. 1911-12.
576 516
499
474
390
386
345
337
349
340
Federal Guaranty M arch L to A ug. 31 1920 D eclined.— A cceptan ce o f the
guaranty (under T ransportation A c t o f 1920] required the carrier to turn
back to the Treasury o f the U nited States, any sum s earned in excess o f the
guaranty
This section also placed a lim it [an uncertain limit] upon ex
penditures for m aintenance o f w ay and structures and m aintenance
o f equipm ent, and charged the I S. C Com m ission with responsibility
for fixing the am ount th at w ould be allow ed in operating expenses, in
determ ining the net incom e.
T h e com p an y had been in con troversy with the U S. R R Adm inistration
on account- o f inadequate and inefficient m aintenance o f its p rop erty during
Federal con trol, and upon return to corporate m anagem ent, there was
im m ediate necessity for large m aintenance expenditures, and these con di
tions were fu lly weighed before decision was reached n ot to a ccep t the
terms o f the guarant y and to operate the property upon our ow n resources
effective M arch 1 1920.
Re,suits Wages
T h e Operating results dem onstrated the wisdom o f
declining the guaranty. D uring this period a greater volu m e o f traffic
was handled than in any corresponding period in our h istory, notw ithstand
ing the handicap im posed by the outlaw sw itchm en’s strike, which becam e
effecti ve April 8 and continued until the latter part o f June

&n

THE CHRONICLE

Tin ikicuiou o f the IT 3 R R Labor Board increasing the rate o f pay o f
all classes o f employees approximately 21 % , was announced July 19,
retroactive to M ay l
This resulted iu an additional cost to be absorbed
iu operating expenses o f the guaranty period o f approximately .$900,000
lotw i.lisia u din g theso difficulties, the operations for this period produced
not railway operating incom e o f *>2,255,767, com pared with $1,919,011.
th j am ount o f incom e that would have accrued to the com pany under the
terms o f the guaranty, an increase o f $100,751
iu addition, there was expended for maintenance o f the property during
this period a total o f $5,913,725, or $1,593,285 in excess o f the estimated
am ount the company would have been permitted to spend under the terms
o f the guaranty
The excess income produced, $306,754 plus the excess am ount expended
for maintenance $1,593 385 produced a total o f $1,900,039, net railway
operating incom e earned in excess o f the am ount the com pany would have
been perm itted to r ?tain ii the terms o f the guaranty had been accepted;
all o f which was used for the benefit o f the property.
Rain -Wages, A c
The increase in freight and passenger rates author
ized by the i 8 U C om m ission, did not becom e effective on Inter-State
traffic until Aug 26. and the increased rates appyling to intra-state traffic,
both freight and passenger were resisted by the various State Commissions,
som e o f which were not put into effect until 1921, so the revenues for this
period received practically no benefit from the increased rates, whereas the
operating expenses include approxim ately $900,000 for increased rates o f
pay to employees; therefore, the net operating income produced for this
period is based almost entirely on the old rates for service to the public
and the higher wage rates to em ployees during four m onths o f the period.
Rehabilitation
Owing to the large volume o f traffic obtained following
the termination o f Federal control, our revenues did not reflect the general
decline in business until the latter part o f the year and we, accordingly,
continued to make liberal appropriations from current incom e for main
tenance, in order to partially restore the physical condition o f the property.
Trackage Rights Resinned
During the year 1920 the track mileage
operated was 1,775-98 miles as com pared with 1,754 50 miles for the
previous year, the inoresae in the mileage being due principally to the
resumption o f operation o f our freight trains ovar the Chicago & Eastern
Illinois UR between Thebes, 111 , and Olive Branch, ill . and the Illinois
Central R R . between Olive Branch, 111 , and Cairo, 111 , from M arch 1 to
D ec 31 1920, which service was suspended during Federal control
N otwithstanding heavy maintenance charges to which reference has
previously been made, we closed tha year with a noi, incom e o f $2,959,837
[including $2,423,743 earned by (be property and $536,093 all o f which
was appropriated for investm ent in physical property.
M ajor Items of Maintenance and Betterment Aggregating $3,271,924
March 1 to December 31 1920.
Purchase and application o f 642,505 cross ties__________________ $1,138,993
A dding cross ties inserted during 2 mos. o f Federal control,
makes a total o f 777,612 ties applied during year, an increase of
130,111 com pared wi th 1919.
A pplication o f 449,181 tie plates to soft w ood ties in main
line tracks___________________ _________________________________
158,138
A pplication o f 74,718 cubic yards o f ballast______________________
139,888
Filling and abandoning 9,040 feet o f trestle w o r k _______________
143,237
A pplication o f drain tile, widening cuts and fills, and ditching___
560,581
Reconstruction o f telegraph lin es........... ,
.
________________ _
30,688
Laying o f 75.76 miles o f new 854b. rail, replacing worn 75 lb. rail.
353,298
R ehabilitation o f freight equipm ent__ ____ _____________________
568,216
Restoration o f 1,358,178 miles in mileage capacity o f locom otives
in excess o f miles consumed in service_________________________
178,885
On Jan. 1 1918 there were no soft w ood ties in our tracks. The U. S.
R K . Adm inistration, during their management inserted 679,035 pine ties,
a considerable number o f w hich wore untreated and some o f which were
placed without tie plates. A t termination o f Federal control practically
all o f the ties on hand were pine
The quantity o f hardwood ties, which wo
were able to secure, has rapidly increased and during the year 1921 all ties
inserted in main lines and branches, are o f hardwood.
C ontract was also made with the Baldwin L ocom otive W orks for pur
chase o f 21 consolidation freight locom otives, ten o f which costing $518,928
were received in 1920, adding 496,400 pounds tractive power. (See V.
112, p. 2085.)
Rate Situation.— T h e increase in inter-Slate freight rates b y the I. S. C.
Com m ission, effective Aug. 26 1920 approximated 3 5 % . Inter-State
passenger fares were increased to 3.6 cents per mile. On intra-State
traffic the increases were authorized in the various States effective as follows:
(a) passenger fares: Missouri, Sept. 1 1920; Arkansas, Jan. 1 1921; Texas,
M arch 14 1921: Louisiana, A pril 6 1921; (5) Freight rates: Texas, Aug. 26
1920; M issouri, Sept. 1 1920; Arkansas. Sept. 1 1920; Louisiana, Oct. 1 1920.
Agricultural and Industrial.— -Excellent crops generally were produced
along our lines in 1920 although the prevailing high cost o f labor and ma
terials created an excessive expense. On the other hand a material re
duction in prices had taken place b y harvest time, resulting in much dis
appointm ent to the farmers generally, and in heavy losses to m any o f them.
C otton production was above normal and there was also a large quantity
carried over from 1919. Reduced demand and the unwillingness o f pro
ducers to accept the prevailing prices delayed the m ovem ent and thus, in
som e measure, unfavorably affected our revenues during latter part o f
1920, and first half o f 1921. W e hope, however, to receive our share o f
this cotton when m oved.
Settlement with, U . S„ Govt.— Final adjustm ent o f our affairs with the
U . S. R R . Adm inistration has n ot, as yet, been consummated.
Federal Valuation.— The Federal valuation o f the properties begun in
1914 is apparently approaching com pletion and their tentative valuation
m ay be expected in the near future.
New East St. Louis Freight Terminal.— The freight terminal o f the Valley
Terminal Railway at Valley Junction, St. Clair C ounty, 111., adjoining
East St. Louis was com pleted and taken over for operation b y the U. S.
R R . Administration as o f Aug. 1 1918 and at termination o f Federal control
it was leased from the Valley Terminal Railway (V. 110, p. 2488) . Since
A pril 1 1920, it has provided our terminal facilities at East St. Louis, the
joint terminal arrangement with the Missouri Pacific at D upo, Illinois,
having been discontinued as o f that date.
Our independent terminal facilities at East St. Louis during the period
o f the outlaw switchm en’s strike from April 8 1920 until the latter part o
June enabled us to handle a large volume o f traffic through the St. LouisEast St. Louis gateway with practically no delay. It is conservatively
estimated that the revenue thus derived, after deducting the cost o f per
form ing the service, was sufficient to cover the entire am ount invested in the
facilities and leave a margin o f profit.
Substantial econom y has also been effected in the operating cost com 
pared with the cost under the join t operating arrangement with the Missouri
P acific.
Freight Terminal at Illm o, M o .— E ffective Sept. 1 1920, the Missouri
Pacific R R . C o. withdrew from participation in the join t operation o f the
terminal at Hlmo and we have since enjoyed the exclusive use o f these
facilities which had becom e too small for both companies.
Memphis Freight Traffics—On M arch 1 1920, the M issouri Pacific R R .
C o. served the required 12 months notice canceling its contract with this
com pany covering the handling o f freight traffic between Fair Oaks, A rk.,
and M em phis. Tenn. W e accordingly obtained on favorable terms the use
o f the Chicago R . I. & P acific for the use o f their line between Brinkley and
Briark, A rk., and with the Illinois Central for the use o f their freight
terminal facilities at M em phis, Tenn.
The terms w ill provide a substantial saving to this com pany and also
enable us to operate our own freight trains into and out o f M emphis.

[V

ol.

STA TISTIC S FOR CA LE N D A R YEARS
1920
1919
1918.
A v miles op er___
1,776
1754
1783
Operations—
Pass carried ____
3,939,032
3,731,930
3,181,261
Pass carried i m
137,513,447
140,477,148
166,683,909
Rata p pass p m
2 93 cts
2 72 cts.
2.54 cts
Tons fgt. m oved
a6,356,708
4,762,210
4.872,201
do do 1 m ilel ,815775,668
140.459,526
240,619,003
R ale p toil p in
1 .39 cts
I
1 1 6 cts
Earns p pass tr m
$2 149
$1921
$1.917
Earns p fgt tr m
$7 2756
$6 4219
$5 2133
Cross earns p m
$17,467
$1 I 776
$10,984

113

1917

1754

3,058,782
132.489,817
2 48 cts
4,996,813
270,829,273
I 03 cts.
$1 3687
$4 4281
$9,871

Not including com pany's freight
C L A SSIFIC A T IO N OF REVEN U E TONNAGE FOR C A LE N D A R YEARS.
1920.
1919.
1918.
C otton seed and products except oil
239,125
60. 765
141,904
Other agricultural products.
898. 321
793,305
984,276
Products o f animals _ _____
66,450
107, 341
130,712
Bituminous c o a l .________
344,969
221, 092
327,725
Clay, gravel, sand and stone
535,442
292, 416
152,738
Crude petroleum, &c _.
408,592
142, 6451
481,544
<) ther mi nera 1 prod uc ts_____
46,600
8, 883/
Products o f forests
____
1,821,727
1,624, 958
1,696,819
Refined petroleum, & e________
196,668
224, 362
219,505
Other manufactured products.
1,603,830
1,179. 427
1,061,703
T o ta l...............................

6.356.708

4,760, 210

4.872,201

CORPORATE N FEDERAL IN C O M E ST A T E M E N T S FOR CAL

YEARS.

[Road operated by U S. ItR . Administration Jan 1 1918 to M arch 1 1920.

„ . _
^ 1920.
1919
1918.
1917
Freight revenues-----------$25,280,354 $15,821,318 $14,365,854 $13,062,975
P assen ger...
----4,026,709 3,819,762
4,235,869
3,284,490
M ail express, & c._
_
1,312,712
755,751
749,220
742,530
Incidental, &c ___.......... 401,183
264,331
2 3 /,8 1 8
219,662
T otal oper. revenue _$31,020,958 $20,661,163 $19,588,761 $17,309,657
M aint. o f way & strue _ $6,326,553 $4,127,516 $3,226,375 $1,777,729
M aintenance o f equip___ 6,717,152
5,220,162
4,688,980
2,915,460
T raffic expenses_____ _
755,704
314,111
376,207
564,420
Transput* ta tion . . - - _ _ 10,898,597
7,880,833
'6,843.340
5,031,343
General, & c____________
l , 2 i 5,279
789,959
705,714
607,909
Total oper. expenses. .$25,886,056 $18,332,583 $15,840,615 $10,896,860
N ot earnings____ ____ . $5,134,902 $2,328,579 $3,748,146 $6,412,797
Tax accruals___________
1,247,677
853,182
822,610
1,075,096
U ncollectibles__________
1,777
4,182
2,303
1,330
Operating incom e------ $3,885,448
Hire o f freight cars-------$921,840
Joint facility rents-------236,909
Interest incom e------------367,162
M iscellan eou s--------------322,480

$1,471,215
$158,474
260,711
300,400
940,099

$2,923,233 $5,336,371
$578,658 $1,216,995
208,531
235,098
284,775
232,897
954,806
138,140

Gross incom e----------------$5,733,839
$3,130,899
Deductions—
19 01919.
Joint facility rents-------$602,952
$546,967
R ent for leased r o a d s ...
318,618
283,600
M iscellaneous rents____
43,672
41,580
Int. on 1st M . b o n d s .__
2,071,390 2,071,390
Int. on 2d M . inc. bonds
121,700
121,700
Int. on equipm ent trusts
43.797
57,400
Other interest--------------15,924
103,932
M iscellan eou s--------------92,041
833,923

$4,950,003 $7,159,500
1918.
1917.
$581,644
$581,815
283,600
277,300
67,113
82,365
2,071,390 2,091,246
121,700
121,700
71,928
93,977
32,195
7,829
830,308
29,810

T otal deductions--------$3,310,095 $4,060,492
N et in com e---------------------$2,423,743 def $929,593
Federal net incom e_____ aef536,093 def2,2/5,501

$4,059,879 $3,286,042
$890,124 $3,873,458
29,472
............

Corporate net incom e. $2,959,836

$1,345,909

$919,596

CORPORATE IN C O M E S T A T E M E N T FOR C A LE N D A R
Fed. Control Corn. Control
Total
Jan. 1 to
M ar. 1 to
1920.
Feb. 29
Dec. 31.
Tentative stand, return.
$559,291
_________
$559,291
Railway oper. revenues.
______ $18,179,807 $18,179,807
Railway oper. expenses.
19,227 11,503,231 11,522,458

$3,873,458
YEARS.
Total
1919.
$3,355,749
______
______

N et from ry. oper____ def.$19,227 $6,676,576 $6,657,349
Railway tax accruals
$12,881
' $815,610
$828,491
U ncollect, ry. rev en u e..
______
252
252
Railway oper. in com e, dof.$32,108
Rent equipm ent_______
Joint facility rent incom e
______
M iscel. rent incom e____
17,630
D ividend incom e-----------7,433
39,790
Int. from funded sec____
Int from unfd sec.& accts
25,796
M iscellaneous incom e___
7,419

$5,860,713 $5,828,605
396,337
396,337
141,183
141,183
58,275
75,904
37,167
44,600
212,322
252,112
71,627
97,423
10,156
17,575

Gross incom e_________
$625,251
Deductions from Gross Income—
Joint facility ren t______
______
R ent for leased r o a d s .__
$25,542
Int. on funded d eb t____
306,532
Int. on unfunded d e b t ..
16,006
21,844
M iscellan eou s__________

$6,787,781

$7,413,032

$3,816,594

$387,991
162,726
1,526,155
Cr. 10,415
33,865

$387,991
188,268
1,832,688
5, >91
55,707

_____ _
$153,250
1,846,290
53,894
392,124

N et incom e__________
A pp rop. for inv. in phys.
p rop erty_____________
Balance, surplus_____

$255,328

$255,328

$4,687,459

$4,942,7S7

2,959,837

2,959,837

$1,727,622

$1,982,950

______
______
______
22,843
44,600
238,672
58,402
96,329

$1,37*,036
______
$1,371,036

FEDERAL IN C O M E S T A T E M E N T FOR CA LE N D A R YEARS
1920.
1919
1918.
Operating revenues____________ ______$5,026,047 $20,661,163 $19,588,761
Operating expenses__________________
4,873,256 18,332,583 15,840,615
N et revenue_______________________
Railway tax accruals_________________
U ncollectible revenues_______________

$152,790
$185,442
1,263

$2,328,579 $3,748,146
$780,575
$742,779
4,182
2,303

Operating incom e_________________ d ef $33,914 $1,543,822 $3,003,064
Hire o f freight cars__________________
$139,448
$158,474
$578,658
Rent from equipm ent.............................
35,494
194,053
214.915
Joint facility rent___________________
49,693
260,711
208.531
Interest in com e______________________
24,694
27,399
19.430
Miscellaneous incom e (n et)__________
64,764
a79,745
569,971

CH ARACTER OF STEEL R A IL I N M A I N TRACK.
Gross incom e______________________
$280,ISO $2,26-1.205 $4,594,359
M iles—
85-Hr
75-157 0-lb. 60 -lb. 56-lb.
Total.
Deduct—
D e c. 31 1920__________182.46
881
1030-67 47-10 386 33 1,539 57
$16,294
$41.106
$66.61'4
D ec. 31 1 9 1 9 ................ 106 7 0
950
0230-67 44-15 395 27 1,538 72 Rent for equipm ent__________________
Joint facility ren t__________
123,622
546.967
581.644
D ec. 31 1918__________ 75-41
981 33 30.67 44.15 407-07 1,538.63
In teres t on unfunded d e b t___________
7,745
40.720
5.704
D ec. 31 1917.................. 35-05 1.021.69 30 67 44 15 381-34 1,512 90
Miscellaneous ............. ...... .............. ......
b l6 ,7 9 2
----------*
B A LLA ST A N D BRIDGES I N M A I N TRACK.
$115,726 $1,635,412 $3,940,386
Balance, surplus......... ...... .......... ......
M iles—
Rock.
Gravel. Cinders. Burn Clay. Soil,Tres.& c.
Total.
Standard
return______________________
651.S19
3,910,914
3.910,914
D e c. 31 1920-*210 31 541 97 108 20
205 65
*1,554-55
_____
*1,552.40
D ec. 31 1919,*222 54 584 58 100 66
212 18
N et in c o m e ,......................................... d f $536,093 $2,275,501
$29,472
D ec. 31 1918-*221.98 583 65 102 05
211 58
434 39
*1,553 65
D ec. 31 1917-*199-57 612 42
92 92
211 58
411 43
*1,527 92
a Expenses prior to J a n . 1 1918, after deducting incom e charges $ 2 9 562
* Includes 14 44 miles in second main track.

b Revenue prior to Jan

1 1918.

J uly

TH E CHRONICLE

30 L921.]

CONDENSED B A LA N C E SHEET (E N TIR E S Y S T E M )D E C . 31
1919.
1919.
1920.
1920.
$
Liabilities —
Assets—
$
S
S
Road & equip 1 0 0 ,0 1 1 ,:ub 98,051,323 Common stock. 16,3 >6,100 10,350,100
0.578,23
1
Prof, stock
19,893,050 19,893,050
Inv. lc affli. cos. 7,425,260
1 10,000 Bonds (son "Ry.
U.S.Lib.bds.,&c
019,261
S
t.
111
(
1
“
Boo.)
38,010
53,573,250 53,833,250
40,574
Mlsc. lnvcstin’ts
1,500,000
140,822 1iOans&hills pay.
Cash
___
1,498.790
3, 100,008
M .701
541,203 \cet i «v wago
Special deposits
115,958
321,013
Traffic,Ac.,1ml i
875,01 1
Agts.& cond.bnl
432,079
097,053
290,725 Int. St dive. due
Traffic,&c.,bas
825,822
801.388
680,774 Mlsc. accounts
332,137
Loans <fe bills ree
13,390
083,900
517,053 int.,, &c., acc
252,1 57
250,807
Mlsc. accounts
2,027,098
340,325 'Paxes accrued
004,544
03,070
Int. & dvs. ree
505,098
Iiisur. funds, Ac
44,195 oper. reserves-.
150,103
72,305
Accrued deprec
4,091,580
Mat7 St supplies 5,1 3 1,940
3,182,432
IT.S.Govt.df.asB’s 5,999,012 15,247,539 U.
S. Govt
U.
S. Govt.
unadj. crod
3,700,978
i rmull., Ac., accts
1,219,707
unadj. accts
991,180
4,985,223
988,418
107,019 ir.s.Govt.tif. Hal) 10,6 -i ,550 13,529,000
UnadJ. accounts
Other clef. llab
08,706
Add’ns to prop.
thro. Income . 2,853,162
1,300,074
Sinking fund.
112,800
11 2
Appro, surplus
1,417,048
Profit and loss.. _ 10,514,392 10,238.915
T o t a l_______ 131,599,400 123,317,853
T o t a l.......... . 131,599,400 123,317,853
The system balance sheet, as above stated, represents a consolidation o f
the general balance sheets o f the St. Louis Southwestern R y Co and its
wholly owned subsidiary, the St. Louis Southwestern Uy. Co o f Texas,
eliminating the bonds and capital stock o f the St. L S .-W Ry. Co o f
Texas, together with the loans and advances made as between the two com 
panies, and thus showing the book value o f the assets and liabilities o f the
system w ithout duplication.
The pledged securities (issued and assumed) not included in the ou t
standing indebtedness aggregate S31.413.833.
The St. L. S -W . R y . is guarantor o f the paym ent o f the principal and
Interest, as the same matures (if default in paym ent be made by the issuing
companies) o f the following securities: (1) G ray’s Point Term. R y mtge.
bonds, S I,343,000: (2) Central Ark. & E. U R ‘1st M . bonds. S I,085.000;
13) Shrevep. Bridge & Term . C o 1st M bonds, S450.000; (4) Terminal R R .
Assn, o f St. Louis Gen. M bonds, l-15th o f S24.859.000 (proportional int.
on bonds and sinking fund guaranteed), S I,657,267; (5) M em phis Union
Station C o. 1st M . bonds (l-5 th o f $2,500,000), $500,000; ( 6 ) Stephenville
N orth & South Tex. R y . 1st M . bonds, $2,607,000; (7) Paragould S. E. R y.
1st R ef. M . bonds. $511,000; ( 8 ) Ark & M em ph. R y . Bridge & Term. Co.
1st M bonds (l-3 d o f $3,676,000), $1,225,333, and (9) The Union Term.
C o. (Dallas, Tex ) 1st M . bonds ( ys o f $5,000,000), $625,000. O f the
am ounts shown above $843,000 o f the G ray’s Point Term . R y . Co ’s mtge.
bonds and $184,000 o f the Stephenville N orth & South Texas R y . 1st M .
bonds are owned b y the St. L. S.-W . R y . and pledged under its First Term.
& Unifying M tge. and $511,000 o f the Paragould S. E R y . 1st & Ref. M tge.
bonds are owned b y the St. L S .-W . R y . and held in its treasury unpledged.
— V . 113, p. 418.

Long Island Railroad Co.
(39 th

Annual Report— Year ended Dec.

31 1920.)

Pres. Ralph Peters, N . Y ., April 5, wrote in substance:
Partly Estimated.— Until final settlements are effected with the Govern
m ent, both for the Federal control period and the guaranty period, some of
the items appearing in the income statement and general balance sheet
are necessarily estimated.
Other Incom e. — The increase [$51,277] in miscellaneous rent income is
chiefly due to the fact that these rents were formerly included in operating
revenue. The decrease [of $50,000] in income from “ separately operated
properties— profit,” is due to reduced income from the Montauk Steamboat
Co. The decrease [of $44,634] in income from funded securities is caused
principally by failure of the N . Y . & Rockaway Beach Ry. Co. to pay
interest on its second mortgage 5 % income bonds. The increase [of
$51,529 in income from unfunded securities and accounts is due chiefly
to interest payable by the U. S. Government on overdue compensation,
and interest on daily bank balances.
Deductions from Gross Income.— The increase [of $60,210] in rents for
leased road sis due to the earnings of the N . Y . & Rockaway Beach R y.
from Sept. 1 to Dec. 31 1920. The increase [of $30,405] in miscellaneous
tax accruals is due to the fact that these taxes wer*e formerly included 'n
railway tax accruals.
The increase [of $188,832] in interest on funded debt is caused by interest
on equipment trust certificates of 1920, representing equipment purchased
by the Government and assigned to your company, offset by retirement of
equipment obligations and to the payment at maturity of $125,000 of N . Y .
& Flushing R R . Co. 1st M . 6 % bonds. The ncrease [of $176,888] in inter
est on unfunded debt is due principally to interest on amounts payable to
the U . S. Govt, for addition and betterment expenditures during Federal
control, and to interest on cost of assigned equipment for which certificates
have not yet been issued. The decrease [of $73,481] in maintenance of
investment organization is due to the fact that, commencing March 1 1920,
organization expenses were charged against operating expenses. The
■decrease [oi $30,897] in war taxes is brought about by the fact that there
were no accruals for war taxes, except for the fixed rental roads for the year
1920, due to nor decreased income.
The increase in the profit and loss debit is due principally to the deficit
for the year of $510,651, and to charging off $150,000 on account of Atlantic
Ave. leasehold estate and $167,000 account of road and equipment retired
and not replaced, offset by credits account of property sold.
Increase in Passenger Traffic.— The passenger business via the Pennsyl
vania Station route continues to increase, the total number of passengers
handled during the year being 23,440,080, an increase of 3,596,875 over
1919. Service to this station was inaugurated Sept. 8 1910, and during the
year 1911 there were 6,224,429 passengers handled. The number of
passengers to and from Flatbush A ve., Brooklyn Station, in 1920 was
$33,968,090, an increase of 6,424,416 over 1919.
Rate Increase Delayed Till Jan. 29 1921.— On July 2 1920 tariffs were
filed by your com pany with the P. S. Commissions o f New Y ork, increasing
comm utation and school tickets 1 0 % and other fares proportionately.
These tariffs were suspended pending investigation by the P. S. Commis
sions, and while still pending, the Inter-State Comn erce Commission
authorized carriers, effective Aug. 26 1920, to increase passenger fares and
charges 2 0 % . The P. S. Commissions o f New York having declined to
place these rates in effect, the I.-S. C . Commission on N ov. 12 ordered
carriers in N ew Y ork State to increase their fares in accordance with their
order, but excepted commutation and family trip tickets. The State o f
New York, however, obtained an injunction restraining this company from
charging the new rates. On Jan. 28 1921 this injunction was vacated, and
on Jan. 29 1921 the increased fares and charges, after long delay, were made
effective, except for com m utation and family trip tickets.
Need for Higher Cfjmmutation Tickets— The total number o f com m utation
tickets from and to New York and Brooklyn sold during the year was
484,953, an increase o f 117,006, or 31 .8 % , over 1919. The average revenue
per ticket was $9 04 against $9 25 in 1919.
T h e c o m m u ta tio n ra te s , w h ich a v e ra g e o n ly 8.1 m ills p er m ile , fa il b y a
w id e m a rg in t o p a y fo r th e c o s t o f p e rfo rm in g th e s e r v ic e , e x c lu d in g b o th
ta x es a n d a n y re tu r n o n th e in v e s tm e n t, a n d y e t th e se tic k e ts are u sed on
th e p o rtio n o f th e r o a d w h ere th e ta x e s and in v e stm e n t a re th e h ig h e st,
a n d w here th e d em a n d fo r g r a d e cr o s s in g e lim in a tio n a n d in crea sed fa c ilitie s
is c o n s ta n t. A rg u m e n ts fo r in creases In th e se ra te s h a v e been p re se n te d
to th e In te r-S ta te C o m m e r c e C o m m is s io n , a nd a n e a r ly a n d fa v o r a b le
d e cis io n Js h op ed fo r .
Freight Rates Advanced.— E ffe c t iv e A u g 26 1920, th e L - 8 . C . C o m m is s io n
a u th o rize d a gen eral a d v a n c e o f 4 0 % in fre ig h t ra te s, w h ich w as th e p rin cip a l
ca u se for increase in the re v e n u e p er ten fr o m $1 Of) In 1919 t o $1 23 in 1920.
OperatUms.— O p e ra tio n su ffe re d In terferen ce d u r in g th e e a rly p a r t o f th e
yea r b y w eath er c o n d itio n s and th e s o -c a lle d o u tla w s tr ik e s. O n a c c o u n t
o f general bu sin ess c o n d it io n s th ere w as a d e cre a se In fre ig h t h a n d le d d u r in g
th e la tte r p a r t o f th e y e a r , b u t th e in crea se in fr e ig h t ra tes m e n tio n e d in
th e p re ce d in g p a ra g ra p h h elp ed t o m a in ta in th e fre ig h t ea rn in gs.
7 b e c r o p o f ca u liflo w e r w h ich h as b een boJow n orm a l fo r th e p a s t few
season s sh ow ed a m a rk ed Im p ro v e m e n t in 1920, y o u r c o m p a n y tr a n s p o r tin g
538 ca rs; a b o u t 2 ,5 0 0 to n s b e in g m o v e d b y a u to tr u c k ,
w h i l e m o s t o f this
ca u liflo w e r was ermaumod in
Y . C it y , a c o n s id e r a b le a m o u n t m o v e d to

N.

525

SUCh distant points as Pittsburgh, Washington, Cincinnati and Chicago
The potato crop was also excellent. 4,429 cars moving from Long Island
points, as compared with 4,198 carloads in 1919
Other farm products and
oysters wore handled in considerable quantities
7’ho operating expenses show an Increase o f $4,024,988 as compared with
1919. The Increase for the last four months of the year slier the guaranty
o f the Government had expired amounted to $1,417,620, o f which $3,373,178
was duo to Increased payroll.
Wages, A c. Under the award o f the U H. Kit. Labor Board, dated
July 20 1920, and retroactive from May I 1920, the payrolls o f your com
pany wore increased over $3,200,000 per year which adder I to the increases
awarded during Federal control made a total payroll for the year of
$16,802,476, for an average o f 8 ,6 8 8 employees.
The increased cost o f operation due to the advance in wage , made by the
Labor Board, includes also the wage payments under the national agree
monts nia.de by the Director-General o f Railroads with the various shop and
maintenance o f way employees whicli caused almost as great an increase in
expenses as the actual advance In the rates o f pay. Under these national
agreements, the piece-work system was abolished, all step or graded rates
of pay, & c .t were eliminated, absolutely destroying ail incentive for indi
vidual effort. Those agreements have been kept in force by order o f the
Railroad Labor Board and efforts are now being made to have them abro
gated. Real efficiency in the maintenance and operation o f the railroad
cannot be secured until these agreements have been abrogated.
New Freight Terminal.— The Bushwick territory in Brooklyn has
seen a remarkable development in the past few years and we have long been
cramped for sufficient yard tracks. Property has been secured for a large
freight yard which when constructed should materially relieve the present
conditions, but the development cannot proceed until N . Y . City permits
the necessary closing o f streets. A loan from the U. 8 . G ovt, revolving
fund has been secured for the purpose o f building this yard.
U. S. Camps.— Camp Upton was used intermittently by U. 8 . G ovt,
troops, but, as expected, the volume o f business was greatly diminished, the
tonnage handled showing a decrease o f 4,442 tons.
Only about 500 car
loads o f supplies, & c., remains to be taken out.
M any o f tlie buildings at Camp Mills and tho aviation camp!? in that
vicinity have been torn down and removed, but 9 large warehouses served
by side tracks have been purchased by a real estate concern which has
leased them for manufacturing and warehouse purposes. The freight
tonnage in and out o f Camp Mills shows a decrease o f 56,246 tons as com 
pared with 1919. The arm y supply base at Bay Ridge received and for
warded via the rails o f your com pany 121,628 tons, as compared with
155,240 tons handled in 1921.
New York Connecting RR.— This connecting line was used for the inter
change o f freight between the Pennsylvania R R . and the N . Y . N . II. &
Hartford R R . during the year, tho total number o f cars handled being
238,491, or an average o f 652 cars per day. The number o f N ew Haven
floats handled at the float bridges at Bay Ridge was 12,283, an average of
34 per day. In addition to this your com pany handled 47,146 cars o f its
own freight over these float bridges. A t Long Island C ity there were 200,
902 cars handled over the float bridges.
Industrial, & c., Development.— In spite o f the high price o f building
materials, there were erected on Long Island in 1920, outside o f Long Island
C ity and the old city o f Brooklyn, 9,358 buildings a greater number than
were erected in any previous year o f which we have record except 1912.
The company has a record o f 174 industries securing locations along the lines
of your road during 1920; 103 o f these concerns located at Long Island C ity,
which is rapidly developing into a great manufacturing centre.
Road and Equipment.— On the general balance sheet the investment in
road and equipment shows an increase o f $4,521,459, due chiefly to: (a) tie
plates, $65,707; Long Island City to W infield New Transmission Line,
$175,615; classification yard and drill tracks at D F tower and Fresh Pond
Junction, $67,570; equipment, $4,294,854; aggregating, with sundry other
items, $4,875,436; less equipment and other property retired, $321,332; and
real estate sold, $32,645; balance, $4,521,459.
New Rolling Stock— Equipment Trust.— The increase in the equipment
investment results chiefly from the equipment purchased from the Govern
ment previously explained, and to additional passenger equipment purch
ased.
The acquisition o f 100 new passenger cars, as referred to in the 1919
annual report, was consummated, the transaction being known as the
Long Island R R . Equipment Trust Series “ C .” The cars, however, were
not received until after the heavy summer business was over.
It is quite evident that your com pany will not have sufficient equipmen
to carry com fortably all o f its passengers in the summer o f 1921 and at least10 0 new passenger cars should be acquired, but the general financial situa
tion, and the continued delay in authorizing reasonable fares, precludes all
plans in this direction at the present time.
The growth in electric passenger train operation has reached the lim it for
which the electric transmission lines and substations were designed, and it is
necessary for your com pany to expend not less than $500,000 for increased
electrical facilities to take care o f the present business and the natural
growth. A portion o f this work, to cost about $175,000, has been started.
Exchange of Bonds.— Unified M ortgage 4 % Bonds, due M arch 1 1949,
were reduced $58,000 b y even exchange for Refunding M ortgage 4%
Bonds, due M arch 1 1949 [compare V. 112, p. 2537].
Deferred Items.— The other large changes in current and deferred assets
and liabilities and other unadjusted debits and credits arises chiefly from the
resumption o f operation o f your railroad b y the com pany at the end of
Federal control, and from accounting transactions with the Government for
both the Federal control and guaranty periods.
Federal Loan.— Y our com pany has negotiated a 6 % loan o f $719,000 from
the U . S. Government under the Transportation A ct o f 1920 for the follow 
ing purposes: (a) New freight yard at Bushwick, $210,000; (h) enlarging
freight yard, classification yard and New Haven interchange tracks at Fresh
Pond Junction, $253,500; (c) additional holding tracks; (d) New Lots freight
yard, $36,500; (e) one-half the cost o f ten freight locom otives, $219,000,
your company being called upon to match the last-named figure b y an
equal amount. This loan is payable in ten annual installments o f $71,900
each (see V. I l l , p. 1566).
Federal Compensation.— The referees appointed by the I.-S. C. Com m is
sion fixed the just compensation to the com pany for the use o f the property
by the Government, at the annual rate o f $3,258,000, and the Railroad
Administration agreed to accept this award.
Settlement with City— Prospect Park A Coney Island Bonds Paid from
Proceeds.— Settlement was made b y the C ity o f New Y ork for property o f
the Prospect Park & Coney Island R R . C o. on Coney Island, which the
city had condemned. As the result o f the transaction the Prospect Park &
Coney Island paid o ff its outstanding bonds and satisfied o f record its two
corporate mortgages for $500,000 and $200,000, respectively. The pay
ment o f these bonds relieved your com pany o f the principal and interest
thereof to the extent o f $620,000. Your com pany, being the owner o f
$184,000 o f said bonds and a certificate o f indebtedness o f the Prospect
Park & Coney Island R R . C o. in the sum o f $430,500, received payment in
full at the face value o f the said bonds, and settlement o f the certificate o f
indebtedness was made through the payment o f cash to the extent of
$82,500, and the balance in property on Coney Island. Furthermore, the
$5,000 stock o f the Brooklyn & Coney Island Telegraph C o ., owned b y your
com pany, was purchased b y the “ Prospect Park” at par and paid for out
o f the proceeds o f the aforesaid award.
[Early in 1921 the com pany sold $1,656,000 6 % Equipm ent Trust
Certificates, Series “ C ,” dated Aug. 1 1920, due in annual installments
each Aug. 1 1921 to 1932, inclusive. See V. 112, p. 562. The N . Y .
P. S. Commission in Sept. 1920 also authorized the com pany to issue
$419,279 6 % unsecured notes to be delivered to the trustees, one-fifth pay
able yearly from date thereof during fivo years, with the privilege o f defer
ring the first and second payments until the third year at face value and
accrued interest.
Both Equipment Trust Certificates and notes were to be applied solely
In payment approved as follows: (a) 20 M .l\ 54 B steel motor passenger
cars, $636,422; ( 6 ) 50 T 54 A steel trailer passenger cars, $863,492; (c) 30
P 54 O steel passenger cars, $586,365. [V. I l l , p. 1083.— Ed.]
C O R P O R A T E I N C O M E S T A T E M E N T F O R Y E A R E N D E D D E C . 31 1920.
M ile a g e _____________________ ___________________________________
398.38
Compensation accrued under Federal control, Jan. & Feb. 1920_. $647,200
Income accrued under guaranty provisions o f Transportation
A ct, 1920, M arch 1 to Aug. 31 1920-------------------------------------- 1,833,689
Operation results, Sept. 1 to D ec. 31 1920: Total railway oper
ating revenues, $9,172,265; oper. expenses, $8,825,396; railway
tax accruals, $396,798; uncollectibles, $2,508; not hire o f equip
ment. Or. Balance, $75,949; joint facility rents, D r. Balance,

$37,446; net railway operating deficit------------ ---------------------------- defl65,833
Total...........................................................................................................$2,315,056

5 20

TH E CHRONICLE

-\l iscellaneous rent iuconie________ ___________ __ _____ _______
$209,504
Separately operated properties——p rofit----------------------------------7,025
28,130
Dividend incom e_ - ___________________________________________
82,002
Income from funded secu rities-______________________________
412,987
Incom e from unfunded securities and accounts----------------20,355
Miscellaneous I n c o m e ___________ ___________________________
Gross incom e___________________ ___________ ____________
$3,075,058
Deductions from gross income$593,628
Hints for leased roads, $126,894; misc. rents, $166,734 —
36,069
Misc tax accruals. $34,789, war taxes, $1,280-----------------2,869,748
Interest on funded and unfunded d e b t___________________
85,834
M iscellaneous income charges
---- ----------------------------_______ 430
Appropriation to sinking and other reserve funds-------------Balance transferred to debit o f profit and loss_________
$510,651
$5,976,876
Amount to debit o f profit and loss, Dec. 31 1919___ _______
291,539
.Sundry net debits during the yea r__________________________
Less Additions to property through income and surplus since
Cr. 335,966
June 30 1907___________________ _______________ _____ _____
$6,443,101
Net corporate d e fic it______________________________________
OPERATING RESULTS FOR C A LEN D A R YEARS.
1918.
1917.
1920
1919
Revenues—
F reight______________
$7,267,266 $6,280,427 $5,713,725 $4,623,578
Passenger _ . . . _.., _ .
15,956,229 15,607,723 14,246,016 10, (152,091
2,281.415
M ail, express, & c__ . - 2,620.254
2,010,510
2,493,824
T ota l oper. revenues $25,843,749 $24,381,974 $22,241,156 $17,286,179
Operating Expenses—
M aint. o f way & struc
$3,787,158 $3,163,138 $2,894,843 $1,757,344
M aint. o f equipm ent. - 5,501,296
4,334,035
3,173,826
2,101,485
226,053
134.773
149,798
T raffic expenses
156,877
Transportation
14,756,284 12,167,013
9,867,339
7,412,158
95,172
M isc. operations, &c~
208,455
167,762
173,859
500,529
444,578
General______________
732,591
591,929
Operating expenses. $25,21 1,837 $20,686,850 $16,739,071 $11,960,535
Net earnings________
$631,911 $3,795,124 $5,502,086 $5,325,644
5,868
5,314
3,314
Pncolle^tible revenues
1,544
T a x e s ________________ _.
1,235,628
1,063,277
1,069,859
944,293
Operating incom e. __ _def $609,584 $2,726,533 $4,428,913 $4,379,807
1 i ire o f equipm ent____
$542,385
$277,962
$221,652
$171,450
Joint facilities rents (net)
156,856
133,383
259,859
379,589
_
—
—
------------------------------Cr. 86,873 Cr.338,013
M iscellaneous - ......... Balance, surplus__ def$ 1,308.825 $2,508,572 $4,229,105 $3,778,566
B A L A N C E SHEET DECEMBER 31.
1919.
1920.
1919.
1920.
Liabilities—
$
.4ssels—
$
$
$
.34,110,250 34,110,250
72,049,617 Capital stock
Road <& equipt 76,571,07
Funded debt (see
Impts. on leased
6,412,802
“ Ry. <fe Ind.”
rail property._ 6,531,783
Inv. in affil cos.:
Section)___
47,483,100 47,608,100
1,568,100 Equip, trust oblig. 5,107,180
Stocks ___ - 1,563,100
1,872,000
1,192,296 Real est. mtges_ 982,296
Bonds__ ___
10 0 ,0 0 0
100,000
3 931.077 Loans & bills pay. 2,390,429
3,580,352
N o t 's .. . . ___ 3,101,675
2,438,822 Accts. & wages, _ 3.138,334
Advances _ _
3,040,595
95,499
906,587 Traffic, &c., bal. 3,682,146
Otherinvestments 1,053,574
Misc. phys. prop100,798
72,481 Matured interest 3,397,094
3,451,722
Depos. In lieu of
Fund. debt ma316,433
61,119
tured.
unpaid
mtge. prop, sold
1,581,100
1,581,100
53,291 Accrued interest
('ash _ ________ 2,065,680
736,741
pocial deposits. 149,273
and rents. _
1,218,566
809,742
TrafAc, &c., bal.
198,513
Miscellaneous__ 1,158,151
342,220
Agents & conduce 1,392,581
199,514
12,152 Taxes__________
130,595
Materials & supp. 1.77S.362
Insur., &c., res..
10,315
10,641
lnt.,divs.,&e.,ree
95,943
126~53! Accrued deprec.. 4,607,205
3,865,105
Miscellaneous - __ 1.552,058
Other unadjusted
4,647
Oth. unadj. accts.
758,683
accounts. _
1,077,985
326,332
287,522
4,565,846 Deferred liabili
Deferred assets.. 11,089,332
5,659,087
D eficit______ . 0,443,101
6,945,810
ties __________ 9,523.49S
Total _
.. 118,7S4,S67 101,790,657
-V. 112, p. 2537.

Total

.118,784,867 104,790,657

Portland (Ore.) Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 31 1920.)
As to suit of New York Trust Co. see news item below.
An authoritative (manifold) statement shows in brief:

[V ol. 118
Western Pacific Railroad.

(Financial Statement for Calendar Year 1920.)
A statement made by the company to the N. Y. Stock
Exchange for the year 1920 compares with the combined
Federal and corporate statements for 1918 and 1919 as
shown below, it should be noted, however, that the 1920
data are based on the disputed standard return (or Federal
compensation) for the two months ended Feb. 29 and
therefore show the operating revenue for that year only
since March 1, whereas for the earlier years the combined
Federal and corporate results include the operating revenues
for the entire twelve months and eliminate (lie standard
return entirely.
IN C O M E

ACCO U N T FOR CA LE N D A R YEARS [IN 1920 ' TOTAL
REVEN U E ‘ IS FOR 1 () M ON TH S ONLY.)
(From Jan. 1 1918 to M arch 1 1920 operated by U. 8 . Hll, Ad m. I
1920.
1919.
1918.
Cor pur ate.
Com b ined. Combined.
Freight revenue GO mos. in 1920). x$10,499,725 $11,227,664 $9,200,062
Passenger revenue
do
_
x2,365,166
1,912 823
1,373,496
M ail & express revenue do
x219 348
182 671
222,754
Miscellaneous revenue do
282,098
334,138
x481,550
Total revenue
do
Expenses operating.
_
__
Taxes
IJncol lectible rail w ay revenue

13,595,790 $13,657,297 $11,078,4 10
10,311,110
9,545,286 7,893,879
670,078
743,577
704,073
815
1,250
1,759

Operating income___
$2,613,487
Inc. from unfund. sec. and accounts
375,586
4,948
Income from funded securities______
Standard return (Fed. com pens’ll) . 2 m os3l7,368
Rental of houses, etc______ __________
199,960
Hire of equipment— receipts._ ____
996,863
Miscellaneous income_______________
155,959
Gross income__________________
_
Int. on 1st mtge. bonds____ ___
int . on equipment notes____ .............
Rental of leased property.______

Hire o f equipment— p a y m en ts._ _
_____
M iscellaneous deductions.

Am ort, of disc, on funded debt_____

$4,664,171
$994,255
208,500
1 14,728

825,731
11.120

93,620

3,367,183
409,634
15,603

$2,478,698
373,711
2,454

73.514
195,643
313,417

67,043
11.465
375,354

$4,375,345
$1 ,213,248

$3,338,725
$1,036,684

52,169
249,136
364,530
95,353

52,391
47,337
418,529
74,644

T otal deductions------ ----------------- $2,247,959 $1,974,437 $1,629,584
N et ry. operating in c o m e ..________
2,416,212
2,400,908
1.709,142
x For 10 months M arch 1 to D ec. 31 1920.
T he entire system, including the Tidewater Southern R y . o f 61.4 miles
and the Deep (Geek R R . o f 46 miles, shows T otal revenue $13,873,368:
operating income $2,625,105; gross incom e, $4,705,311; total income
deductions, $2,299,269; and net railway operating income, $2,406,042.
B A LA N C E SHEET DECEMBER 31.
1920.
1919.
1920.
1919.
A ssets■
—
$
$
LUbTkti.esS
$
Road
equip 92,884,239 91,825,773 Preferred stock. 27,500,000 27,500,000
Inv. in affil. cos. 1,932,100
1,909,571 Common stock. 47,500,000 47,500,000
158,200
119,448 1st M. bonds.
Misc. phys. prop
19,882,700 19,943,500
393,589 Eqp. gold notes 3,300,000
608,220
Mtge. prop, sold
3,600,000
Sinking fund.
50,128 Traffic. &c., bal
50,006
7 9 5 ,12 0
1,056
Othcr invest__
29,950 Accts. & wages. 1,356,129
59,400
74,460
10,593
Special deposits.
413,878
422,392
36,552 Accrued interest
981,689
190,573 Matured int
Cash__________
16,593
33,107
Demand loans &
Miseell____
256,546
69,678
deposits_____ 9,728,036 10,880,168 Accrued taxes
201,420
70,030
543,384
Traffic, &e., bai.
13.796 Accred. dep___
1,205,652
440,732
100,104 Unadj. credits..
Miscellaneous _ - 1,311.385
720,424
473,624
1,935,613 Apnrop. sur
Dis. on fd. debt. 1.837,750
7,243,592
7,181,652
Materials & supp 2,040,002
U. S. Govt. def.
225,510
A gts. & conduct
liabilities____ 7,370,665
7,023,949
375,011 Other def. liab..
Unadj. debits.. 2,674,048
... .
10,586
Accts. with U. S.
Sinking fund, b
150.000
100,000
3,800,699 Profit and loss.. 3.244.039
RR. Admin _ 5,940,023
2.416,482
U. S. Govt, de
5,199,614
ferred asst ts. _
166,163
Other def. assets
Total (each s’.de) 121.156,759 116,861,248
N ote.— Com puted on the basis o f estimated state o f accounts with DirectorGeneral the settlement o f which m ay necessitate certain adjustments.
a Includes as o f D ec. 31 1919 surplus-investments in road, equip., & c.,
purchased, $4,989,088; surplus cash materials and other property purchased,
$2,220,701; and additions to property through incom e (surplus account),
$33,803.
b Includes D ec. 31 1919 Funded debt retired through income $99,994;
sinking fund reserve, $50,006.— V. 113, p. 294.

Road.— M iles o f track owned and operated, 296.08 miles; operated on ly,
11.01 miles; W illam ette V alley Southern R y . controlled through stock
ownership, 35.00 miles; tota l, 342.09 miles.
Cars, cvc.— (1) Passenger m otor cars, 566; trailers, 46; miscellaneous, 1;
leased cars, 25; total, 638. (2) Freight cars, 321; express cars, 8 ; work
cars, 158; total, 487. (3) Locom otives: steam, 1, and electric 8 . (4)
W illam ette Valley Southern R y . C o ., 7; grand total owned and con
trolled, 1,141.
Pcncer Plants, c&c.— (1) Portland R y ., Light & Power C o .: 4 steam sta
tions. 22,500 k .w .; 5 hydro-electric stations, 43,350 k .w .; total, 65,850 k .w .
85.3% o f all power required in 1920 was generated b y water power. N um 
ber o f substations, 18; high tension transmission ^and distribution lines,
United States Steel Corporation.
417 miles. (2) W illam ette Valley Southern R y . C o .: N o power stations;
(Results
for
Quarter and Half Year ending June 30 1921.)
2 substations. (3) Yam hill E lectric C o .: One substation; high tension
transmission line, 17 miles.
The results shown below for the quarter ended June 30
GENERAL STA TISTIC S FOR C A L E N D A R YEARS.
1921 were given out on Tuesday following the regular
1917.
1920.
1919.
1918.
The directors declared the regular
T otal pass, carried_____ 100,703,843 104,179,597 99,805,867 88,610,120 meeting of the board.
quarterly dividend of \ f i % on the Common stock, payable
N o. o f rev. pass, carr___ 74,797,718 77,630,721 72,450,060 64,000,029
N o. o f trans. pass. carr__ 23,489,967 24,227,871 25,079,759 22,229,134 Sept. 29 to holders of record Aug. 29, but to do this it was
2,380,957
N o. o f non-rev. pass, car 2,416,158
2,321,005
2,276,048
3.89c. necessary to draw upon the undivided profits to the extent
4.82c.
4.65c.
R ec. per tot. pass, carr_ _
5.47c.
6.47c.
5.39c.
6.41c.
R ec. per rev. pass. ca rr.
7.36c.
of $4,571,668.
3.22c.
2.59c.
3.50c.
E xp. per tot. pass. carr.
3.71c.
Judge Elbert H. Gary, Chairman of the Board, after the
3.58c.
4 .71c.
4.44c.
E xp. per rev. pass. ca rr.
4.99c.
M oto r car mil as run____ 16,559,936 17,256,374 17,563,145 17,320,333
meeting July 26, issued a statement saying in substanoe:
44,974
40,342
48,869
Light & pow . custom ers.
53,285
Results.— The business results o f the corporation for the last quarter
K ilow att hours sold ____167,374,143 153,841,376 139.860,303 108,931,608
C u b. ft. gas sold _______ 26,120,300 22,961,500 19,786,900 19,250,100 which were not exactly determined until to-day, are not surprising to any
1.380 one familiar with general conditions. Shipments have been small and
1,569
Gas custom ers__________
1,650
1,411
prices received on products delivered have been very low com pared with
IN C O M E A C C O U N T FOR C A L E N D A R YEARS.
the cost o f production. M any manufacturing concerns have been operating
at a loss. This is about as censurable as insisting upon unconscionable
1920.
1919.
1918.
1917.
. . $9,564,615 $8,591,001 $7,667,129 $6,023,509 profits. It cannot be long continued.
Gross earnings__________
Wages A Prices.— W e have been paying somewhat higher wage rates
. . 6,093,965
5,571,895
4,634,992
Operating expen ses.a___
3,080.538
657,576
534,472 ___________
492,043
496,055 than many other basic lines o f industry. W e think reductions in these
T a x e s __________ :_______
_______ ____________
rates should follow , rather than lead, selling prices, particularly those
$2,446 916 involving the costs o f living, which in some respects are still unreasonable.
N et earnings______ $2,813,074 $2\484.634 $2,540,094
2,047,336 These are being surely, if slow ly, forced down to a fair basis by the with
Interest, & c____________
2,101,615 2,114,757
2,049,344
104,715 holding o f purchases on the part o f the consumers. Up to the present
Bridge rentals__________
_________
_________
168,843
Balance, surplus_____
$711,459
$369,877
$321,907
$294,865 time, we believe, wage earners generally haven’t been paid too much,
excepting always certain trades or vocations in which rates were during
a In years 1920 and 1919, includes $717,386 for depreciation.
the war, on one pretext or another, arbitrarily tripled or quadrupled, and
B A L A N C E SHEET— DECEMBER 31.
still are attem pted to be maintained. This does not apply to the steel
1920.
1919.
1920.
1919.
industry.
Liabilities—
S
A ssm —
S
S
$
While business in many lines, including iron and steel, is still dull and
Plant, prop.&equip 59.145,321 58,617,565 Com. stock ($15,hesitating, the outlook is not discouraging or doubtful. Sentiment has
653,580
000,00075% pd) 11,250,000 11,250,000 been for some time, and still is, growing better.
Securities owned__ 659,959
5.000. 000 5,000,000 Outlook.— “ As stated at the meeting o f the American Iron & Steel Institute
Bonds in treas___ 6,009,000 7,009,000 1st Pref. stock. .
2d Pref. stock-Notes in treas___ 1,000,000
5.000. 000 5,000,000 last M ay , industry is headed in the right direction. This means a great
502,750 Series F notes. _
2 . 0 0 0 . 000 2 , 000,000 deal, for at some date in the future there awaits the biggest business this
Supplies_________
615,962
Bond & note disc. _ 1,685,461 2,125,500 Funded debt— .40,410,000 40,496,000 country has ever witnessed. The fundamental facts for this conclusion
42,459 Bills payable____ . 3,475,000 3,380,885 are assured. The undisputed figures amount to a demonstration.
43,885
Def. & susp. items
113,866 Accts. payable. .
Cash____________
351,961
326,042
230,851
“ Just at present there are many reasons for believing our conditions are
Bond sink. fd. Inv. 3,027,115 2,300,657 Paving assessm’ts
im proving, even though we may not as yet have experienced, to a large
pay. In yearly in
640,511
617,788
Bills & accts. rec._
extent, the good results. Readjustm ents were necessary and they have
stallments ____
360,297
515,278 been and are progressing with beneficial effect
Accts. rec. Liberty
1,110 Renewal & malnt.
1,000
Loan sub_____
“ Apparently we shall soon have actual peace throughout the world.
fu n d__________ 2,681,494 2,269,403 Construction, co-operation and wisdom will supplant destruction, conflict
Accrued accts___ 1,429,756 1,104,878 and folly. Legislation will be calculated to assist rather than obstruct
664,512 legitimate progress. Taxes, which now burden almost to the point ot stag
Surplus__________ 1,077,833
nation, will surely be gradually and reasonably modified.
T o ta l_________73.036,342 72,006,997
T o ta l_________ 73,036,342 72,006,99’
“ Our President has said publicly that business is the biggest thing in the
world, which is equivalent to saying that as food, shelter and clothing a tv
-V. 112, p . 2643.

THE CHRONICLE

J uly 30 1921.]

first to bo con sidered in discu ssion , th oroforo p rosp erity is essential to the
progress and happiness nl’ the n ation .
In ternational, national and Industrial
p ea ce w ill b ecom e sta b ilize d , n ot as the resu lt o f com b in ed force, bu t be
cause o f th e g ood -w ill and h on est desire o f righ teou s m inded people.
“ T h e fin an cial aspect o f tills c o u n tr y and oth er conn trios has been im
p rov in g . and to m o st o f us at least look s bright- T h e banking in stitu tion s
o f the U n ited States are so u n d . Our resources are en orm ou s. Our people
are rea d y , an xiou s and able to d o business.
E v ery one is railed upon to d o
his or her p a rt in th e om loavor to retu rn to a sane and reasonable .basis,
and th e soon er this op in io n becom es pra ctica lly unanim ous the earlier will
w e reach th e goal o f p rosp erity, the app aren t d ista n ce o f which dep en ds
u p on in dividu al v isio n .
“ W e need n o t sh o u t in triu m ph , b u t we are not com pelled to fool d e s p o n d 
ent. T h e w orld lias been v e ry sick . T h erefore, full re co v e ry is lon ger
delayed. T h e fu rth er we proceed in the d irection w o a rc now g oin g the
faster will be the p a ce. W ith the co n tin u o u s m aintenance o f law am i order,
securin g in dividual freed om o f a ctio n in legitim ate e ffo rt, th e e con om ic
p o s itio n o f th is co u n tr y will be in v in cib le'.”
RESULTS FOR QUARTERS E N D IN G J U N E 30.
1921.
1920.
1919.
1918.
Unfilled orders (V. 113,
p. 265) June30 . tons 5 . 117,80S
10,978,817
4,8 92,8 55
8,918,866
Not earnings (see note) x$21,892,016 $43,155,705 $34,331,301 $62,557,391
Deduct—
Sink, funds on bonds of
sub. cos. deprec. & oxtraor. replace’! funds. 6.158,890
9,369,635
9,0 31,4 48
8,277,311
Interest in U . S. Steel
Corporation bonds___
4,934,477
5,040,671
5,141,204
5,236,083
Prem. on bds. redeemed,
205,000
212,100
21o,615
238,250
Sink, funds on U . S. Steel
( ’orp. bonds___________ 2,206,617
2,097,766
1,975,747
1,880,597
Total deductions.____ $13,804,984 $16,720,172 $16,364,014 $15,032,241
B a la n c e _____ _______
$8,087,032 $26,435,533 $17,967,287 $46,925,150
D iv . on pref. stk. (l % % ) 6,304,919
6,304,919
6,304,919
6,304,919
6,353,781
D iv. on com. stock_____
6,353,781
6,353,781
21,602,856
do
rate.................
(1M%)
(1M %)
Surplus for quarter__ x$4,571,668 $13,776,833 $5,308,587 $19,017,375

qX%)

( 4H%)

x Balance provided from undivided surplus.
N o te .— The net earnings, as shown above, are stated after deducting (1)
bond interest of the sub. cos. (the interest on bonds outstanding), this
interest amounting for the late quarter to $2,019,905; (2) all expenses
incident to operations, comprising those for ordinary repairs and mainten
ance of plants; (3) also in 1918, 1919 and 1920, but not in 1921, allowances
for estimated proportion of extraordinary cost, resulting from war require
ments and conditions, of facilities installed; (4) in all years, estimated taxes
(including Federal income taxes); and (5) in 1918, 1919 and 1920, the
excess profits tax.
N E T E A R N S . FRO M OPERATIONS FOR H A L F -Y E A R E N D . J U N E 30.
1921.
1920.
1919.
1918.
*Net Earnings—
$
$
$
$
J an u ary_________________ 14,387,474
13,503,209 12,240,167 13,176,237
F eb ru ary------------------------ 10,157,896
12,880,910 11,883,027 17,313,883
M a r c h ___________________
7,741,352 15,704,900
9,390,190
26,471,304
Total (first quarter)__ 32,286,722
42,089,019 33,513,384 56,961,424
7,336,655
12,190,446 11,027,393 20,644,982
A pril-------------------------------M a y -------------------------------7,731,649
15,205,518 10,932,559 21,494,204
J u n e -------------------------------6,823,712
15 ,7 59B741 12,371,349 20,418,205
Total (second quarter) 21,892,016 43.155,705 34,331,301
62,557,391
Total half-year-------------- 54,178,738
85,244,724
67,844,685 119,518,815
* After deducting interest on subsidiary cos’ , bonds outstanding, viz.:

l

527

Developed Mines, Operated !>u Others, Showing ( I) W helIn • If eld on / 'hold or
Leasehold; (2) Shipments and M inlrn um:>, also Hoyallies Receivable bn Trust
-------Number of
Royalty
c l 921
M Ine
/ nteres!
dross Ron Shipped
to 'Trust,
M in irn am
(1) “ Old Lenses” :
of Trust.
1 920.
'Pons
To dan . ' 2 1
Net
1 Mahoning
Feohold
1,720,638 30,880,300 27 'Ac to 12 » .c
300,000
o utioa
do
319,534 4 ,3 13,794 20c to 12 ‘
10 0 ,0 0 0
401,000 7,329,725
3 1 leetonia ( 1 •.)
do
30c
1 60,000
1 Stevenson
do
94,930 11,095,737 20c to 12 Re
209,000
5 West Stevenson < 1 •)
do
J,810,171 2 0 c to \2Yii6 North Stevenson ( 1 ) do
473,521
30c
do
172,808
1 8 1,143
25c
75,000
7 Sweeney ('•.-)

8
0
10
11
12

13
14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

2,711 ,8 8 2 50,720,403
Totals
825,000
( 2 ) “ New Leases” :
Toehold
15% of total
Ann ( YA
300,000
do
422,818 1,043,027
ore
/
Patrick (Yx)
315,855 2,155,804 15% total ore
150,000
North Harrison ( YA - do
188,485
779,721 30% total on
Harrison
do
10 0 ,0 0 0
(a)
344 30% total on ?
i jimborton Annex
do
53,901
90,702
*1 10
No. lino (; N . (part) do
423,540 30% total ore
Leasehold
Kevin
06,150
less un’ ly . roy.J
75,000
97,447
401,230
75c
do
Sml1 h
73,590 50% of proceeds
L. & W . (Y A _____ Techold
$100
do
M ace No. I (Y )
50,088 1,103,355
10 ,0 0 0
M ace No. 2 (YA
do
si 00
101,930 l ,020,537
244,150
092,344 15% total on • 2 0 0 ,0 0 0
do
Warren (YA
do
$1 10, 95c, 05c
Enterprise do
207,510 2,236,789
85c
1
Harold
11,919 1.338,073
$ 1 .0 0 , 70c
No. Uno G. N. (part) do
do
|
South Uno Cl. N
5,038 1,200,995 $1 00, 70c
r 750,000
do
367,116
70c
63,527
Thorne (90.01% ).
_
$11 5 to 70c
W ab’n No. 1 (90.01% ) do
37,374
52,923
65c
W ab’n No. 2 (90.01%) do
781,592
4.5c, 40c
F a y ............................. Leasehold 110,758
70c, 43c
i
389,982 10,548,127
Leonard (Y A - ........... do
_____
80c. 75c
;1
Missabe Chief______ do
500,000
do
421,422 3,491,069
75C
Dean__ _ ________
750.000
774,332 2,306,020 $1 25, 95c, less
Dunwoody ______ _ do
freight to dock
30c
10 0 ,0 0 0
195,831 1,855,789
Mississippi___
- - do
10,204
16,204
45c
332,000
South Agnew___ __ do
1.130,000
do
75c to 35c
599,225 1,990.832
Hill-Annex______
80,000
480,483 $1 10 to 70C
201,018
Wade
_ ___ Feehold
__ Vo net proceeds
250.000
Leasehold
Boeing
_______
150,000
171,166 6,702,280 $1 10 to 60c
Hill.________________ Feehold
____ 1,107,410 85c to 60c
North Star (90.01%) do
250,000
______
SI 10 to 60C )
Trumbull (90.01% ). do
______
85c to 60c 1
do
Bingham (90.61%)
70c and 50c
50,000
Bruce (14)------- - - do
3,086,939 ______________
Walker
do
18.504
N ot leased
15
Miscellaneous _ _____

5,132,000
4,746,877 45,551,525
Totals__ __________
5,957,000
7,458,759 102271,928
Grand totals___________
Nos. 1 to 43 0 perat in j Interests —-(1) Mahoning Ore & Steel Co.- (2)Crete MiningCo. (Pickand. Mather & C o.); (3) Leetonia Mining Co. (Jones & Laughlin Steel C o .);
(4) Stevenson Iron Mining Co. (M cKinney Steel C o .); (5-6) M cK inney Steel C o.
(mines worked out); (7) Donora Mining Co. (U. S. Steel Corporation); (8-15) Butler
Brothers; (16) Hanna Ore Mining Co. (under contract, mine exhausted Dec. 1918);
(17-18) Mace Iron Mining Co.; (19) M ead Iron Co. (Tod-Stambaugh C o.); (20-29)
Hanna Ore Mining Co.; (30) Dean Iron Co. (Tod-Stambaugh C o.); (31) Orwell Iron
Co. (Tod-Stambaugh Co. and Inland Steel C o.); (32-34) Inter-State Iron Co. (Jone3
& Laughlin Steel C o.); (35) Cleveland-Cliffs Iron Co. and Struther Furnace Co.;
1921.
1920.
1919.
1918.
(36-40) Mesaba-Cliffs Iron Mining Co.; (41) International Harvester C o.; (42) See
Jan u ary-------------------------$685,593
$707,938
$738,506
'$726,892
text; (43) Idle (not now under lease).
F ebruary-----------------------684,135
707,065
738,449
724,867
Total shipments and royalty rates are shown in this table, the proportions of
M arch-----------------------------685,556
707,998
738,988
724,848
the trustees being indicated where their interest is less than the whole.
674,320
706,005
732,882
739,069
A pril-------------------------------(a) Lease to Butler Brothers provides for exhaustion of mine before June 30 1931.
M a y -------------------------------672,873
704,048
731,578
762,202
(c) Minimum shipments for year 1921 called for by leases of,property to others.
J u n e -------------------------------672,712
702,793
724,580
762,859
II. TRUSTEES' STATEM EN T OF RECEIPTS A N D DISBURSEMENTS.
IN C O M E A C C O U N T FOR H A L F -Y E A R E N D IN G J U N E 30.
1917.
1918.
1919.
Receipts from—
1920.
1921.
1920.
1919.
1918.
Ueonard Iron Mining Co
$2 0 0 ,0 0 0
$ 2 0 0 000
Total net earnings for
$
$
$
$
S174.900
207,765
176,370
North Star Iron Co
h alfyear______________ 54,178,738
85,244,724
67,844,685 119,518,815
1,260,000
Arthur Iron Mining C o ___________ 1,940,000
1,082,000
Deduct—
Grant Iron Mining C o ____
570.000
150.000
____
350,000
For sinking fund, depre
448.000
Harrison Iron Mining Co
770.000
655,000
ciation and reserve fd_ 20,295,890
22,232,719
21,646,150 18,669,515
1,748,000
1.433.000
Tyier
Iron
Mining
Co_
____
215,000
In te re st-------------------------9,910,211
10,120,487
10,319,002 10,507,373
217,600
85,000
Van Buren Iron M fg. Co
___
224,000
Prem. on bds. redeemed.
410,000
424,200
431,230
476,500
138,500
1.940.000
Polk Iron Mining Co
_ _ ___ 2 , 1 1 0 ,0 0 0
Total deductions_____ 30,616,101
32,777,406 32,396,382 29,653,388
$4,557,000
___
S5,899,765
$5,816,370
Total
dividends
received___
52,467,318 35,448,303 89,865,427
B a la n c e -------------------------- 23,562,637
S90.95S
27,879
37,725
____
24,606
Interest, &c _.
__ _
Dividend on Stocks—
28,446
Federal taxes refunded
Preferred ( 3 ^ % ) ---------- 12,658,700
12,609,838 12,609,838 12,609,838
C o m m o n ------------------------ 12,707.562
12,707,562
12,707,562 43,205,712
$90,958
Total receipts_______ _____ ____$5,952,817 $5,844,249 $4,549,725
Rate of per cent-------------(2 ^ % )
(2V2 % )
(2V2 % )
(8 M % )
$101,368
$72,222
$93,617
Expenses, & c . _ __ __ _
____
$97,960
Total dividends---------- 25,366,262 25,317,400 25,317,400 55,815,550
2,250,000
6 ,0 0 0 ,0 0 0
Dividends on trust certificates.___ 8 ,0 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
Balance, surplus------------ x l ,754,763 27,149,918
10,130,903 34,049,877
($4)
($4)
(SI.50)
Amount p.er share_________ - - - ($4)
x Balance provided from undivided surplus.
Balance for period______ __ def$145,143 def$249,368d f$ l,# 7 ,4 9 6 df$2,260,408
— V . 113, p . 427.
4.340,183
602,279
2,079,775
352,911
Balance brought forward _ ___
$2,079,775
$602,279
Total surplus Dec. 31_________ $207,767
$352,911

Great Northern Iron Ore Properties.
( 14-th Annual Report— Year Ended Dec. 31 1 9 2 0 ).

T h e T ru ste es under d ate o f S t. P a u l, M a y 3 1 , w rote in
su b sta n ce:
Report.— The report of the Trustees is, as heretofore, in two divisions.
The first division presents matters of the Trust proper; that is, in the
relation of the Trustees with the holders of their Certificates of Beneficial
interest.
The statements show the securities held by the Trustees, the receipts
and disbursements of the Trust proper for the year 1920, and the receipts
and disbursements of the Trust from its formation to Dec. 31 1920.
The second division covers the business of the Proprietary Companies,
the shares of capital stock of which are held by the Trustees. Under this
division, all business of a general character is carried on in the name of the
Arthur Iron Mining Co. , which company has been constituted, in all mat
ters of finance and operation, the agent of each of the other Proprietary
companies, excepting that the Leonard Iron Mining Company and the North
Star Iron Company of W est Virginia have separate bank accounts.
The consolidated balance sheet shows the assets and liabilities of the
Trustees and their undistributed receipts Dec. 31 1920, as well as the assets
and liabilities of the Proprietary companies.
Leases.— During 1920 Grant Iron Mining Co. leased to International
Harvester Co. of Chicago, the undivided one-fourth interest in the minerals
and the undivided three-fourths interest in the surface in the E ^ - N W ] ^ of
Section 27 in Township 58 North, Range 20 W est, St. Louis County, M in n .,
now known as Bruce M ine [at net royalty rates of 70c. and 50c., the 1921
minimum being 50,000 tons.— Ed.]
The International Harvester Co. will also reimburse the Grant Iron
Mining C o. for all moneys expended by it on account of explorations,
taxes. See.
Su pplem en tal agreem ent s affect ing origin al leases co v e rin g th e op era tion
o f the I fill, T ru m b u ll, N orth S tar, Bingham and B oeing M in e s, w ere entered
in to du rin g the year w ith the M esa b a -C lifts Iron M in in g Cj o ., f o r t h e p u rpose o f assisting t hat, co m p a n y to fin a n ce th e stripp in g and d o veJ op m erit o f
th e Boeing M in e as an open pit m ine.
T h e T y le r Iron M in in g C o . and the M ead Iron C o . o f C le v e la n d , O h io ,
were, at the d o s e o f the y ea r, n egotiatin g a lease o f the E j^ -B W 14 o f Sec
tion 10, T o w n sh ip 57 N orth , R an ge 21 W est, St. L ouis C o u n t y ,M in n .,
now know n as C a ron M in e . T h is p ro p e rty is estim ated t o con ta in a b ou t
6 , 0 0 0 ,0 0 0 ton s o f iron ore.
T h e 4,194 shares o f ou tsta n d in g ca p ita l sto ck o f P rod u cers SS. C o ., pur
chased b y A rthur Iron M in in g C o . during 1916, to insure, vessel sp ace for
transportation o f o re belon gin g to the Iron Ore P roperties, wore sold to
U'd Jer B rothers during 1920 at a sa tisfa ctory p rice. T h is sto ck was sold
because vo.ss' ) space i n o lon ger requ ired, m ining operation:, b y th e prop rie
t y com p a n ies h aving rested with the leasing o f all a ctiv e m ines, and the
disp osition o f r o y a lty ore h aving been taken care o f by sales co n tra cts.
i 'gned Louis W . H id . Jam es \ . H ill, Edw ard T . N ich o ls and R alph
Bttd6 , T ru stees.)

III. PROPRIETARY COMPANIES— RESULTS OF M IN IN G , &C., OPERATIONS[Part of the disbursements are in the nature of investments. See footnotes.]
1917.
Revenue from —1
1919.
1918.
1920.
$505,506
$316,741
“ Old leases,” see table IV_ _
$392,680
$376,317
955,274
633,534
Arthur Iron M . Co. do
1,468,155
35,057
1,637,051
1,819,207
“ New leases,” see table V_.
3,171,607
2,910,470
461,703
230.521
Interest received__________
526,617
481,157
23,069 deb. 19.720
Advance royalty___________
73,760
233,485
Refund of advance royalty:
102,539
141,776
370,015'
(b) Lea
Full text of Commercial and Financial Chronicle : July 30, 1921, Vol. 113, No. 2927

FRASER
